Annual Report • Sep 23, 2015
Annual Report
Open in ViewerOpens in native device viewer
S . A . R E G . N O 1 6 6 0 1 / 0 6 / Β / 8 8 / 1 3 T H E S I S K L I R I M A G O U L A A T T I C A
ANNUAL FINANCIAL REPORT
OF THE PERIOD FROM JANUARY 1st TO DECEMBER 31st 2009
1
FINANCIAL REPORT JANUARY 1st to DECEMBER 31st 2009
It is asserted that this Annual Financial Report (01.01.09-31.12.09) is the one approved by the Board of Directors on January 26th 2010 and is posted on www.plaisio.gr and will remain at the disposal of the investing public for five years after its publication.
Statements
Chapter 2. Report of the Board of Directors for the period 1.1.2009-31.12.2009
Auditors' Report
Financial Statements
Condensed Reports of the period 1.1.2009-31.12.2009
Information of article 10 of the law 3401/2005
Final Statement
The members of the Board of Directors of Plaisio Computers SA:
George Gerardos, resident of Filothei Attica, 19 St. Filothei Street, President of the Board of Directors and CEO
Constantinos Gerardos, resident of Filothei Attica, 19 St. Filothei Street, Vice-President of the Board of Directors
George Liaskas, resident of Chalandri Attica, 41 Giasemion Street, Member of the Board of Directors, in our above-mentioned capacity, and specifically the second and the third are especially assigned from the Board of Directors of the Public Listed Company under the name "PLAISIO COMPUTERS SA" (hereafter referred to as the company), we state and we assert that to the best of our knowledge:
(a) The financial statements of the company and the group of PLAISIO for the period 01.01.2009- 31.12.2009, which were compiled according to the standing accounting standards, depicting in a truthful way the assets and the liabilities, the equity and the results of the Group and the Company, as well as the companies' which are included in the consolidation as total, according to what is stated in paragraphs 3 to 5 of the article 5 of the law 3556/2009.
(b) The report of the Board of Directors of the company depicts in a truthful way the information that are required based on paragraph 6 of article 5 of the law 3556/2009.
The president of the Board & C.E.O. The members that were appointed by the Board of Directors.
George Gerardos Konstantinos Gerardos George Liaskas ID no. Ν318959 ID no. ΑΕ632801 ID no. ΑΕ346335
The present Report of the Board of Directors which follows, refers to the current period 2009 (01.01.2009-31.12.2009) was compiled and is in line with the relevant stipulations of the law 2190/1920, article 108 par. 3 given that the company publishes consolidated financial statements, 3556/2009 (Government Gazette 91A/30.04.2009) and the executive decisions of the Hellenic Capital Market Commission and the issued decisions and especially the Decision no 7/448/11.10.2009 of the Board of Directors of Hellenic Capital Market Commission.
The present report contains in a brief, but substantive manner all the important units, which are necessary, based on the above-mentioned legislative frame and depicts in a truthful way all the relevant indispensable according to the law information, in order to deduce a substantive and well-founded appraisal of the activity, during the time period in question, of the company "PLAISIO COMPUTERS SA" as well as the Group. In the Group, apart from Plaisio, are also included the following companies:
ELNOUS SA, which is located in Nea Ionia Attica, 102 Kapodistriou Street, in which Plaisio participates by 24% is under liquidation. The present report was compiled according to the terms and conditions of article 4 of law 3556/2009 and of article 4 of the Decision 7/448/11.10.2009 of the Board of Directors of the Hellenic Capital Market Commission, accompanies the financial statements of this period (01.01.2009- 31.12.2009).
Given that the Company also compiles consolidated financial results, the present report is single, the main point of reference is the consolidated financial figures of the Company and the associate companies, and the parent company's figures are referred to when it is considered necessary in order to better understand its content.
This report is included uncut with the financial statements of the company and the other elements that are obliged by the law elements and statements of the half year financial report that refers to the year of 2009.
The units of the Report and their content are as follows:
The important events which took place during the year 2009, in the order they took place:
The company Plaisio Computers JSC, residing in Sofia Bulgaria, which is 100% parent company of Plaisio Computers SA, decided the increase of its capital by 4.234.371,95 leva (2.165.000,00 euro according to the current exchange rate) by cash deposit and issuing of new shares.
The above mentioned increase, which will be covered 100% by the parent company PLAISIO COMPUTERS SA aims at the support of the activities of the parent company and the reinforcement of the company in which it acts.
The President and CEO of PLAISIO COMPUTERS, Mr. George Gerardos refered to the fact tha in periods of financial crisis, whoever has strong company structure and has achieved prudent growth without movements that are made only in order to impress. The Group PLAISIO has achieved over the last decade a CAGR of 30% with movements that are moderate and controlled. This is the systematic strategy which will take the Group beyond this crisis as winner.
Furthermore, a reference was made to the financial results of 2008 and more specifically to the increase of turnover by 6,98% (412 m. euro vs 385 last year). Explaining the reasons that led to the decreased profitability, Mr. Costas Gerardos noted reasons that were endogenous as well as reasons that were exogenous and which led to the EAT being decreased by 56,8%. More specifically, the endogenous factors have to do with the increase of personnel and especially for the parallel run of Magoula (automated and manual), as well as to the increase of financial expenses due to the increased loans in order to finance investments. The Group, during 2008, made a series of investments to renovate and create new stores, as well as for the new distribution centre in Magoula. The exogenous factors which were mentioned were the adverse financial environment and the socio- economic circumstances in the cities during the last quarter of 2008, peaking with the arson of the greatest and most historical store of the company in Stournari.
Referring to the future course of the Group, Mr Costas Gerardos said that the aim of the company is to gain market share, to optimize the working capital and to make prudent new investments (new store in Magoula, re-operation of the store in Stournari) and to contain expenses. Finally, the management of the Group considers that the adequate cash-flow in combination with its flexible structure will allow it to confront the crisis not as a threat but yet as another opportunity.
The company PLAISIO COMPUTERS SA announces, based on decision 3/347/12.7.2005 of the Board of Directors of the Hellenic Market Committee, that the Board of Directors of the company, during its Meeting of April 22nd 2009 elected, in replacement of the resigned non executive, independent member Mrs Sampson Spiliadi, as a non executive, independent member Mr Elias Klis, for the remaining of service of the resigned member. The validation of the election will take place in the next General Shareholder Meeting.
The Board of Directors of the company, during its deliberation of May 11th 2009 and after the temporary election of Mr. Klis in replacement of Mrs. Sampson Spiliadi (whose election is under the approval of the pending General Shareholders Meeting) was constituted in body as follows:
No change came to the representation and signature rights of the company, which remain as published in the Government Gazette 1893/13.03.2009.
PLAISIO COMPUTERS SA announces that on Monday May 18th 2009, the 20th Annual Shareholder's Meeting took place at the hotel Grande Bretagne, on King George A Str., no 1. In the Annual Shareholders' Meeting 38 stockholders were present, representing the 82,98% of the Share capital of the company (18.322.733 shares out of a total of 22.080.000 shares). The Annual Shareholder Meeting approved unanimously each of the following issues:
Issue 1st: The stockholders approved the reports of the Board of Directors and the Chartered Auditor for the annual financial statements, for the Company and the Group, that refer to the 20th fiscal year (01/01/2008-31/12/2008), as well as the financial statements (Company and the Group) for the relevant year
Issue 2nd: The stock holders approved the distribution of profits for the 20th fiscal year as follows:
The amount 209.500,00 €for the creation of reserves
The amount 2.649.600,00 € for the dividend of the fiscal year 2008
Concerning the dividend of the year (net amount), 0,108 € per share was approved, the ex-dividend date is the 25th of May 2009 and the relevant amount will be paid to the stockholders from the 2nd of June 2009 and on from EFG EUROBANK ERGASIAS.
Issue 3d: The stockholders discharged the Members of the Board of Directors and of the Company's Auditors from all liability regarding their activities during the fiscal year ended 31.12.2008. Issue 4th: The Election of one regular and one substitute Chartered Auditor from the Board of Chartered Auditors for the 21st fiscal year and determination of their remuneration. More specifically, as chartered auditors of the fiscal year 2009, were appointed the following members of the Auditing Company BDO PROTIPOS ELEGTIKI S.A.: α) as regular auditor, the chartered auditor Mr. Anagnos Limberis and β) as substitute auditor Mr. Ioannis Pantazis. Their renumeration was set at 19.730 €, plus VAT 19%.
Issue 5th: The labour contracts of the executive members of the Board of Directors of the company in compliance with the article 23a of the C.L. 2190/1920 and the determination of their fees and salaries for 2009, as well as the approval of the fees paid during 2008.
Issue 6th: The stockholders approved unanimously the transfer of the seat of the company to the Municipality of Magoula Attica and the alteration of the relevant article 2 of the Memorandum of the Company.
Issue 7th: The stockholders approved the election of a new member of the Board of Directors, according to article 11 of the Memorandum of the company and more specifically the attestation of the election of Elias Klis who replaced the resigned Eleni Sampson-Spiliadi.
Issue 8th: The stockholders approved alteration, completion, abolition and change of order of the clauses of the Memorandum of the company for purposes of functionality and adjustment to the law 2190/1920, as it stands after its modification from the law 3604/2007.
Issue 9th: The stockholders approved and validated of the decision of the Extraordinary General Shareholder Meeting of July 11th 2006 about issuing a common Bond Loan amounting up to fifty million (50.000.000,00) euro, of duration up to 15 years, with private placement and for granting authorization to the Board of Directors to stipulate the specific terms of issuing the common Bond Loan and taking all the necessary actions
Issue 10th: The stockholders Appointed an Audit Committee, according to article 37 of the law 3693/2008 comprising of the following non executive members of the BoD:Antiopi-Anna Anastasopoulou Mavrou, Nikolaos Tsiros and Elias Klis from which the two latter are independent non executive members. Issue 11th: During the Annual Shareholders' Meeting, the President and C.E.O. of the company, Mr. George Gerardos and the vice President Mr. Konstantinos Gerardos made some announcements regarding the course of the company.
The company PLAISIO COMPUTERS SA announces to the investing community that it has agreed with the ASE MEMBER "KYPROU SECURITIES" not to renew the existing agreement of market making for the shares of PLAISIO COMPUTERS SA. The last day of Market Making is Wednesday, the 17th of JUNE 2009.
On July 15th a presentation, which was organized by Kyprou Securities to Institutional Investors of PLAISIO COMPUTERS took place. The President and C.E.O. of the company, Mr. George Gerardos, presented the opportunities that may come about due to the financial crisis. The investment in the new management and logistics centre in Magoula was especially mentioned. The decrease in the operational cost, the improvement of the quality of service and the foundation of firm basis for the unprohibited long term growth of PLAISIO COMPUTERS are the main benefits of the company from this investment which was completed in the crisis.
The management of the company PLAISIO COMPUTERS SA signed a contract on August 4th 2009, for issuing a common Bond Loan via private placement of nominal value of € 12.000.000,00, with a duration of seven years. The Bond holders are EFG EUROBANK ERGASIAS SA and EUROBANK CYPRUS LTD.
The aim of the common Bond Loan, which bears no lien, is the restructuring of the loans of the company with better and longer term terms which proves the trust of Banks to PLAISIO COMPUTERS SA.
Members of the association of institutional investors The main facilities of Plaisio Computers SA in Magoula Attica on October 23d 2009, when they had the chance to see the new logistics centre and also to make questions regarding the investment. Furthermore, the results of the Group for the 9M period were presented.
The course of the sales of the group of the third quarter of 2009, is improved compared to the 9M period, the sales are only by 2,6%less than the previous quarter, while the second quarter were less by 12,3% and the first by 14,5%.
The expenses of the group, taking into consideration the financial expenses, in the third quarter were decreased by 14,9%, in the second quarter the relevant decrease was 10,1%, while in the first 0,8%.
As a consequence the profit (EAT) of the group increased significantly in the third quarter of 2009, in contrast to the decrease in profits that was observed in the first and second quarter.
Finally, the commercial actions of the 9M period were cited:
ALPHA BANK implementing international best business practices, pioneers in the Greek environment by adopting outsourcing of the replenishment of the headquarters as well as its stores with consumable goods.
For the materialization of the above mentioned policy, PLAISIO COMPUTERS was selected, to which the creation and maintenance of a special platform, which was developed according to the specialized needs of ALPHA BANK, as well as the full system if control and replenishment of its units with consumable goods.
The company PLAISIO COMPUTERS in the framework of this collaboration makes the best out of its realized investment, which amounted to 26m. euro in the new state of the art logistics centre in Magoula Attica, which provides it with new possibilities for the service of big customers.
The company Plaisio Computes S.A. informs the investing public that the collection of the insurance reimbursement from the consortium of the insurance companies "AGRICULTURAL INSURANCE (LEADER), GROUPAMA PHOENIX, INTERAMERICAN, AXA INSURANCE, NATIONAL INSURANCE, COMMERCIAL VALUE, GENERALI HELLAS, CHARTIS HELLAS" for the damages the company had suffered from the fire in the store of Stournari 24 on December 7th 2008 is completed.
The reimbursement collected amounts to 3.600.000, 00€, refers to the material damages (damages to the building, inventory and equipment) as well as business interruption reimbursement.
From the total amount, amount of 1.402.850, 47€ will write off the receivable from the insurance consortium (already formed in the Financial Statements of 31.12.2008) for the material damages, while the remaining amount of 2.197.149, 53€ will affect as other income the results of the period. As a result the profitability of the company, which during 2009 was affected from the non operation of the store of Stournari, is bettered in the last quarter of the period.
The Group takes activity in a highly competitive global environment. Its specialized knowledge along with the study and development of strong infrastructure, help the Group always be competitive and promote its penetration in new markets. An important lever of further development of the company are the taking advantage of opportunities that are created via e-commerce and the convergence of technology and broadband internet, and the support of the multi-channel model as well as the systematic upgrade of the after sales service that the company offers, which differentiates it in terms of quality. The most common financial risks, in which it is exposed, are market risks (exchange rate volatility, interest rate, and purchasing prices), credit risk, and liquidity risk. More specifically:
On December 31st 2009, the liabilities from loans of the Group are mentiones in note 18 of the financial statements. The loans of the Group on December 31st 2009, was 23.784 th. € of which 5.784 th. € refer to a common Bond loan of fixed interest rate from NBG, 6.000 th. € refer to a common Bond loan from Alpha Bank with a floating interest rate that is covered from a derivative (note 21) and the remaining 12.000 refer to a common bond loan with a two year grant period and floating interest rate from Eurobank. The short term loans of the company amounted to 3.117 th. € on 31/12/2008 (17.346 thousand € 31/12/2008), was contracted under a floating interest rate. The following table presents the sensitivity of the results of the period as well as the net equity to a change of the interest rate of +1% or -1%. The relevant influence is presented as follows:
Α) Interest Rate increase by 1%:
The results of the period as well as the Net Equity of the Group and of the Company, in this case, would decrease by 151 th. € and 173 th. € on 31/12/2009 and 31/12/2008 respectively.
B) Interest Rate decrease by 1%:
The results of the period as well as the Net Equity of the Group and of the Company, in this case, would increase by 151 th. € and 173 th. € on 31/12/2009 and 31/12/2008 respectively.
The Group has no significant credit risk, mainly because of the large dispersion of its customers. Retail sales are paid in cash or credit cards. For wholesales the Group has the necessary policies in order to ensure that sales are made to customers with an appropriate credit history. Furthermore, the Group's receivables are insured. The Company has divided its customers to named (balances over 20.000,00€) and non-named (balances from 1.500,00 to 20.000,00€). In both categories the risk is 20% for the Group. The management of the company considers the balances of the public sector as non-doubtful and thus they are not insured.
The Company and the Group make a provision concerning doubtful receivables, as it is analytically presented in note 11 of the Financial Statements. On December 31st 2009 the total balance of customers and other trade receivables was 47.717 th. € and 45.349 th. €, while the provision for doubtful receivables was 1.990 th. € and 1.930 th. € for the Group and for the Company respectively.
It is also noted that the percentage of the formed provision for the current period is to 4,2% from 4,5% vs the balance of the previous period showing the modest approach of the management of the company, in an environment of high credit fluctuations.
The debit balance of the Company Plaisio Computers JSC to the parent company PLAISIO COMPUTERS SA on 31/12/2009, amounted to 1,0 m. €. The management of PLAISIO COMPUTERS S.A. considers the aforementioned amount has no risk of non collection for the company, given that PLAISIO COMPUTERS JSC is controlled 100% from the Parent Company. I
The Group takes all the necessary measures (insurance, safekeeping) so as to minimize the risk and contingent damages due to physical disasters, thefts etc. Furthermore, since the Group takes activity in a sector of high technology, where the risk of technical devaluation is extremely increased, the Management reviews the net realizable value of the inventory and forms the appropriate provisions so that their value in the financial statements coincides with the real one. On 31/12/2009 the total amount of inventories was 64.428 th. € and 63.248 th. €, while the provision for devaluation was 4.923 th. € and 4.865 th. € for the Group and for the Company respectively.
Based on the historical data, the management thinks that the decrease of the value of inventories (without disturbing the feeding of its stores), is the best practice as the product mix has increased fluctuations in its evaluation and may lead to high provisions for devaluation.
Finally, the company considers the suppliers' risk very limited, since in any case non-important for the financial results of the group, since there is no significant dependence on any one of its suppliers, given that no single one provides the company with over 10% of the total purchases, except for the HP for which the percentage amounts to 12,5%
The foreign exchange risk is the risk of volatility of the value of financial assets, of assets and liabilities due to changes in the exchange rates. Τhe majority of the Group's transactions and balances is in Euro. Therefore the management estimates that the Group is not exposed to foreign exchange risks. The management will observe the foreign currency risks that may arise and will evaluate the need for relevant measures.
The Group retains enough capital and pre-approved credit balances from banks in order to minimize the liquidity risk. The company retains enough cash in order to cover any short term liquidity needs. The financial liabilities of the Group and for the Company are analyzed as follows:
| THE GROUP 31.12.2009 | Up to 12 | 1 to 2 years | 2 to 5 years | Over 5 years |
|---|---|---|---|---|
| months | ||||
| Suppliers & Other Short term liabilities | 81.799 | 0 | 0 | 0 |
| Loans | 5.432 | 2.172 | 19.034 | 7.138 |
| Total | 87.211 | 2.172 | 19.034 | 7.138 |
| THE GROUP31.12.2009 | Up to 12 months |
1 to 2 years | 2 to 5 years | Over 5 years |
| Suppliers & Other Short term liabilities | 76.004 | 0 | 0 | 0 |
| Loans | 18.725 | 987 | 9.636 | 3.408 |
| Total | 94.279 | 987 | 9.636 | 3.408 |
| THE COMPANY 31.12.2009 | Up to 12 | 1 to 2 years | 2 to 5 years | Over 5 years |
| months | ||||
| Suppliers & Other Short term liabilities | 81.095 | 0 | 0 | 0 |
| Loans | 5.432 | 2.172 | 19.034 | 7.138 |
| Total | 88.527 | 2.172 | 19.034 | 7.138 |
| THE COMPANY 31.12.2009 | Up to 12 | 1 to 2 years | 2 to 5 years | Over 5 years |
| months | ||||
| Suppliers & Other Short term liabilities | 75.638 | 0 | 0 | 0 |
| Loans | 18.725 | 987 | 9.636 | 3.408 |
| Total | 94.363 | 987 | 9.636 | 3.408 |
The group considers its liabilities to suppliers as short-term, in the same category it includes other short term liabilities and tax liabilities.
In this section are included the most important transaction between the company and its related parties as they are defined by IAS 24.
The companies that are related to the Company are :
During 2009 the receivables and the liabilities οf each company as well as the income or expense which resulted from the transactions with Plaisio during HY 2009 according to IFRS were the following (amounts in th. €):
| COMPANY | RECEIVABLES | LIABILITIES | INCOME | EXPENSE |
|---|---|---|---|---|
| PLAISIO ESTATE S.A. | 150 | 7 | 1.443 | 6 |
| ELNOUS S.A. | 0 | 0 | 0 | 0 |
| PLAISIO COMPUTERS JSC | 0 | 997 | 0 | 4.197 |
| PLAISIO ESTATE JSC | 0 | 0 | 0 | 0 |
| TOTAL | 150 | 1.004 | 1.443 | 4.203 |
More specifically:
PLAISIO ESTATE S.A. collected from PLAISIO S.A. 1.443 th. € which referred to rents and service delivery from renting buildings (1.294 & 149 th. € respectively).
PLAISIO invoiced PLAISIO COMPUTERS JSC for sales of merchandise to the latter with 4.197 th. €. It is, furthermore, clarified that for the above mentioned time, Plaisio Estate JSC had income of 155 th. € from Plaisio Computers JSC which come from rents.
It is, additionally, noted that the transactions and remuneration of the managers and members of the Board of the company came up to 824 th. € for the period 01/01/2009 – 31/12/2009, while the receivables of the Company from members of the Board on came up to 16 th. €
As it is obvious based on the above mentioned, the transactions with associates are at a very low level, while there is no significant fluctuation of the relevant amounts compared to last year, therefore the above mentioned transactions do not affect significantly the financial position and the results of the company.
The Company's share capital amounts to 7.065.600,00 Euro, it is fully paid and divided to 22.090.000 ordinary shares with a nominal value of 0,32 Euro. All the Company's shares are listed for trading in the Athens Stock Exchange under Large Cap classification.
There are no restrictions to the transfer of the Company's shares.
The significant holdings of the Company in the sense of the Presidential Decree 51/1992 are the following:
The only shareholder that holds more than 5% of the Company's shares and voting rights is George Gerardos with 14.955.140 of the Company's shares and Costas Gerardos with 2.192.948 shares.
There are no shares that offer special voting rights.
There is no limitation on the voting right of each share of the Company.
The Company is not aware of any agreements among shareholders entailing limitations on the transfer of shares or limitations on the voting rights.
The rules concerning the appointment and replacement of members of the Board of Directors and the amendment of the provisions of the Articles of Association of the Company do not differ from those envisaged in the Law 2190/1920.
There is no authority of the Board of Directors or certain members of the Board to issue new shares. The Board of Directors is not authorized from the General Shareholders' Meeting to buy own shares.
The Company has no agreements which are put in force, amended or terminated in the event of a change in the control of the Company following a public offer.
The Company have no significant agreements with members of the Board of Directors or its employees providing for the payment of compensation, especially in the case of resignation or dismissal without good reason in case of a public offer.
The numbering of this analytical information (which is formed according to article 4, par. 8 of the law 3556/2007) follows the relevant numbering of information of article 4 par. 7 of the law 3556/2007, as is above analyzed:
The structure and the formation of the share capital are described in article 5 of the Memorandum of the company.
There are no restrictions either by law or by the Memorandum to the transfer of the Company's shares. With the exception of the contracts for the common Bond loans, which stipulate the following: Common Bond Loan from N.B.G.: the main shareholders have to hold 34% of the share capital throughout the duration of the contract
Common Bond Loan from E.F.G. Eurobank Ergasias.: the main shareholders have to hold 51% of the share capital throughout the duration of the contract
Common Bond Loan from Alpha Bank: the main shareholders have to hold 34% of the share capital throughout the duration of the contract
The data relevant to the number of shares and voting rights of the persons holding significant participations have been obtained from the Book of Shareholders of the company and the acknowledgments that have legally come to the company.
There are no shares that offer special voting rights, there are only common registered shares.
The company has not been informed of such limitations.
The company has not been informed of such agreements.
For these issus the Memorandum of the company does not differ from the law 2190/1920. It is stated that the Memorandum of the company is in full accordance with the law 3604/2007.
There is no such authority.
The are no such agreements.
The are no such agreements.
The development of the group during the three previous years and the last semester are presented in the tables below:
| The Group | |||||||
|---|---|---|---|---|---|---|---|
| (in th. €) | 01.01.2005- 31.12.2005 |
01.01.2006- 31.12.2006 |
01.01.2007- 31.12.2007 |
01.01.2008- 31.12.2008 |
01.01.2009- 31.12.2009 |
||
| Turnover | 257.736 | 311.075 | 385.023 | 411.901 | 389.670 | ||
| Gross Profit | 47.998 | 58.541 | 71.581 | 74.935 | 69.141 | ||
| E.B.T. | 8.442 | 10.051 | 13.684 | 5.987 | 7.645 | ||
| E.A.T. | 5.213 | 6.334 | 9.855 | 4.257 | 4.731 |
And in percentages:
| Ο ΟΜΙΛΟΣ | |||||||
|---|---|---|---|---|---|---|---|
| 2006 vs 2005 | 2007 vs 2006 | 2008 vs 2007 | 2009 vs 2008 | ||||
| Turnover | 21% | 24% | 7% | -5% | |||
| Gross Profit | 22% | 22% | 5% | -8% | |||
| E.B.T. | 19% | 36% | -56% | 28% | |||
| E.A.T. | 22% | 56% | -57% | 11% |
| Financial Indices | |||
|---|---|---|---|
| THE GROUP | |||
| 31/12/2009 | 31/12/2008 | Comments | |
| Current Assets / Total | These indices display the proportion of capital | ||
| Assets | 72,2% | 70,7% | |
| Fixed Assets / Total | which has been used for current and fixed | ||
| Assets | 27,8% | 29,3% | assets |
| Net Equity / Total | This index shows the financial autarky of the | ||
| Liabilities | 46,4% | 45,8% | company |
| Total Liabilities / Total | |||
| Liabilities | 68,3% | 68,6% | This index shows the dependency of the |
| Net Equity / Total | company on loans | ||
| Liabilities | 31,7% | 31,4% | |
| This index shows the the degree of financing | |||
| Net Equity / Fixed Assets | 114,1% | 107,1% | of the assets of the company from. Net Equity |
| Current Assets / Short | This index shows the capability of the | ||
| term Liabilities | 136,4% | 117,5% | company to cover short term liabilities with |
| Assets | ||||||
|---|---|---|---|---|---|---|
| Working Capital / Current Assets |
26,7% | 14,9% | This index shows in % the part of current assets which is financed by own and long term capital (over the provisions for unexpected risks) |
|||
| Indices of financial performance | ||||||
| EBT/ Total Sales | 2,0% | 1,5% | This index shows the total performance of the company in comparison to total sales |
|||
| EBT / Net Equity | 14,9% | 12,1% | This index shows the yield of the company's equity |
|||
| Gross Profits / Total Sales |
17,7% | 18,2% | This index shows the GP in % over the sales |
The main characteristic of the turnover of the Group was the continuously improving course from quarter to quarter. More specifically, the turnover of the first quarter were decreased by 14,55%, the turnover of the second quarter were decreased by 12,3%, of the third decreased by 2,6%, and of the fourth increased by 6,4%. The total turnover came up to 389.670 th. Euro as opposed to 411.901 th euro in 2008, having decreased by 5,4%. More specifically, turnover from computers and digital technology came up to 240.161 th euro, having decreased by 7,5% from 2008, telecom products came up to 40.483 th euro having increased by 9,2% compared to 2009, while turnover from office equipment came up to 107.071 th euro, having decreased 5,7% from last year. Finally, turnover from service came up to 1.955 th euro having decreased by 29%. Other income came up to 2.480 th euro vs 287 th euro last year. The reimbursement collected in Q4 2009 for the damages in Stournari 24 store amounted to 3.600.000, 00€, referred to the material damages (damages to the building, inventory and equipment) as well as business interruption reimbursement. From the total amount, amount of 1.402.850, 47€ will wrote off the receivable from the insurance consortium (already formed in the Financial Statements of 31.12.2008) for the material damages, while the remaining amount of 2.197.149, 53€ will affect as other income the results of the period. As a result the profitability of the company, which during 2009 was affected from the non operation of the store of Stournari, is bettered in the last quarter of the period.
The expenses of the Group in 2009 came up to 63.976 th euro, versus 69.235 th euro last year, having decreased by 7,6% and are analyzed as follows: Administrative expenses 8.242 th euro Distribution expenses 53.185 th euro Other income 801 th euro
The outcome of the effort of the management of the company to decrease expenses during 2009 is evident. In total expenses, in spite of the increased depreciation due to the operation of the sophisticated management and logistics centre decreased by 7,6%. The decrease of expenses is due to the decrease of personnel, due to the non-replacement of the resigned employees and the application of the best training practices and to the rational evaluation of each expense based on its purpose.
Financial Expense 1.746 th. Euro
The 48,4% decreased amount of the financial expense is due to the decrease of interest rates, the restructuring of short term loans to long term loans and the decrease of the amount of loans by 2.872 th. euro.
The decrease of expenses is constantly improving, despite the increased depreciation of the Magoula distribution centre. The effort is depicted in the diagram below:
As result of the above changes the profits before taxes of the Group came up to 7.645 th euro, increased by 27,7% compared to 2008. Despite of the course of the sales and expenses, which has been analyzed above, was also affected by the course of the gross profit due to the aggressive price policy. The profitability of the company which was affected throughout 2009 from the non- oeration of the store of Stournari, was boosted in the last quarter by an amount of 2.200 th. Euro due to the reimbursement that the company collected in December 2009.
The year following will certainly be a difficult year, given that the global crisis evolving will continue to affect the Greek economy, as recent developments show. In fact, developments cannot be foreseen and the management of the Group cannot assess the future course of the market.
Nevertheless, the management focuses its effort on market share that may arise from the restructuring of the market and taking into consideration that the decrease in expense cannot follow the same dynamics in the long term the one hand and on the other hand on the full exploitation of the logistics centre, which offers significant policies and opportunities of corporate affairs.
The standing advantage of the Group is its flexible structure that allows it to always operate on the lowest cost and make use of every possible opportunity that presents itself even within the crisis. The company bases its growth not on market growth but on the increase of market share.
1.1 There are no significant events that took place from the ending of this year and until the publication of the financial statements, with the exception of the following:
A. On January 19th 2010, the extra ordinary shareholder meeting took place in the headquarters of the company in Magoula Attica. Seven shareholders were present in person or via representative representing 77,64% of the share capital over 22.080.000 common shares. The following decisions were made:
The alteration and more specifically the enrichment of the purpose of the company so that it includes a broad spectrum of activities and thus altering article 4 of the Memorandum. The addition of these activities, according to the management's estimates will not affect significantly the financial position of the company and the issuing of an information memorandum is not necessary according to article 4.1.3.12 of the Athens Exchange Rulebook.
The completion of articles 18 and 19 of the Memorandum of the company, with the provision of special authority of the Board of Directors to assign for specific issues and categories of actions the authority to specific persons
B. The management of the company, as it was decide by the Board of Directors on January 25th 2010, decided the change of the accounting estimate referring to the useful life of the building in Magoula Attica, some tangible assets as well as a category of software that was included in intangible assets from 01.01.2010 on. The change of the estimate for the useful life is according to IAS8. The change in the estimate for the building from 30 to 50 years was based to a report by an independent valuator of buildings. The company will disclose the impact on the financial statements for the period 01.01.2010 on, starting from the period 01.01.2010-31.03.2010.
No other significant events have come about.
George Gerardos Constantinos Gerardos Filipos karagounis
Note: This financial report has been translated to English from the original report has been prepared in the Greek language. In the event that differences exist between this translation and the original Greek language report, the Greek language report will prevail over this document.
To the Shareholders of «PLAISIO COMPUTERS S.A.»
We have audited the accompanying financial statements of « PLAISIO COMPUTERS S.A.» (the "Company") as well as the consolidated financial statements of the Company and its subsidiaries (the "Group") which comprise (for both the Company and the Group) the balance sheet as of 31 December 2008 and the income statement, statement of changes in shareholders' equity and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes, that comprise the annual financial statements, which constitute an integral part of the annual financial report in compliance with Article 4 of the Law 3556/2007.
Management is responsible for the preparation and fair presentation of these Financial Statements in accordance with International Financial Reporting Standards, that have been adopted by the European Union. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of Financial Statements that are free from material misstatement, whether due to fraud or error. This responsibility also includes selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Our responsibility is to express an opinion on these Financial Statements based on our audit. We conducted our audit in accordance with Greek Auditing Standards, which are based on International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
In our opinion, the accompanying Financial Statements present fairly, in all material respects, the financial position of the Company and the Group as of 31 December 2008, and their financial performance and the cash flows for the year then ended in accordance with International Financial Reporting Standards that have been adopted by the European Union.
The Board of Directors' Report includes all information required by article 43a paragraph 3, article 107 paragraph 3 and article 16 paragraph 9 of Law 2190/1920, as well as article 4 of Law 3556/2007 and the information required by the relevant Decisions of the Hellenic Capital Market Commission as set out in the law 3556/2007, and its content is consistent with the accompanying financial statements.
Athens, 28 January 2009
BDO Protypos Hellenic Auditing Co AE ANAGNOS LYMPERIS Certified Auditor A.M. SOEL 11241
Table of Contents
Statement of Comprehensive Income for the period January 1st to December 31st 2009 Statement of Comprehensive Income for the period July 1st to December31st 2009 Statement of Financial position on 31st December2009 Statement of changes in equity on 31st December2009 Statement of Cash Flow for the period January 1st to December 31st 2009
Notes to the Financial Statements
| Note | 01/01 - 31/12/2009 |
THE GROUP 01/01 - 31/12/2008 |
01/01 - 31/12/2009 |
THE COMPANY 01/01 - 31/12/2008 |
|
|---|---|---|---|---|---|
| Turnover Cost of Sales |
5 | 389.670 (320.529) |
411.901 (336.966) |
386.559 (318.626) |
408.750 (335.270) |
| Gross Profit | 69.141 | 74.935 | 67.933 | 73.479 | |
| Other operating income Distribution/Selling expenses General Administrative expenses Other expenses |
22 | 2.480 (53.185) (8.242) (801) |
287 (56.615) (8.204) (1.030) |
2.476 (52.045) (7.764) (801) |
286 (55.553) (7.767) (1.062) |
| ΕΒΙΤ | 9.392 | 9.373 | 9.800 | 9.383 | |
| Financial Income Financial expenses Profit / (loss) from associates |
859 (2.711) 106 |
651 (4.188) 151 |
930 (2.675) |
698 (4.160) |
|
| Earnings before taxes | 7.645 | 5.987 | 8.055 | 5.920 | |
| Income taxes | 23 | (2.914) | (1.729) | (2.918) | (1.730) |
| Earnings after taxes | 4.731 | 4.257 | 5.136 | 4.190 | |
| Distributed to: Equity Holders of the parent Minority interest |
4.731 0 |
4.257 0 |
5.136 - |
4.190 - |
|
| Other Comprehensive Income after taxes |
(74) | (212) | (74) | (212) | |
| Total Comprehensive Income after taxes |
4.657 | 4.045 | 5.062 | 3.978 | |
| Distributed to: Equity Holders of the parent Minority interest |
4.657 0 |
4.045 0 |
5.062 - |
3.978 - |
|
| Basic earnings per share | 27 | 0,2143 | 0,1928 | 0,2326 | 0,1898 |
| Diluted earnings per share |
27 | 0,2143 | 0,1928 | 0,2326 | 0,2326 |
| Dividend per share | 28 | - | - | 0,1200 | 0,1200 |
| EBITDA | 14.766 | 13.055 | 15.118 | 12.995 |
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| Assets | 31/12/2009 | 31/12/2008 | 31/12/2009 | 31/12/2008 | |
| Note | |||||
| Non current assets | |||||
| Tangible fixed assets | 6 | 38.936 | 40.851 | 38.889 | 40.760 |
| Intangible fixed assets | 6 | 1.463 | 726 | 1.455 | 721 |
| Investments in subsidiaries | 7 | 0 | 0 | 3.222 | 1.057 |
| Investments in associates | 7 | 1.678 | 1.648 | 1.298 | 1.298 |
| Other investments | 8 | 442 | 442 | 442 | 442 |
| Deferred tax assets | 18 | 1.743 | 1.689 | 1.664 | 1.615 |
| Other non current assets | 9 | 779 | 735 | 779 | 735 |
| 45.041 | 46.091 | 47.750 | 46.629 | ||
| Current assets | |||||
| Inventories | 10 | 59.504 | 55.570 | 58.383 | 54.100 |
| Trade receivables | 11 | 45.111 | 40.691 | 45.787 | 43.442 |
| Other receivables | 12 | 2.417 | 6.133 | 2.372 | 6.099 |
| Cash and cash equivalents | 14 | 9.956 | 8.606 | 9.452 | 8.151 |
| 116.989 | 110.999 | 115.993 | 111.792 | ||
| 162.030 | 157.090 | 163.743 | 158.421 | ||
| Shareholders' Equity and | |||||
| Liabilities | |||||
| Share capital | 15 | 7.066 | 7.066 | 7.066 | 7.066 |
| Additional paid-in capital | 15 | 11.961 | 11.961 | 11.961 | 11.961 |
| Reserves | 16 | 23.707 | 23.572 | 23.707 | 23.572 |
| Retained Earnings | 6.002 | 4.130 | 8.103 | 5.826 | |
| Dividends | 28 | 2.650 | 2.650 | 2.650 | 2.650 |
| 51.386 | 49.378 | 53.487 | 51.074 | ||
| Long term banking liabilities | 17 | 23.141 | 11.783 | 23.141 | 11.783 |
| Provision for pensions and | 19 | ||||
| similar commitments | 477 | 440 | 477 | 440 | |
| Long term provisions | 20 | 1.268 | 984 | 1.266 | 984 |
| 24.886 | 13.207 | 24.883 | 13.207 | ||
| Suppliers and related | 21 | 67.576 | 60.058 | 67.430 | 59.891 |
| liabilities | |||||
| Tax liabilities | 4.311 | 2.639 | 4.153 | 2.496 | |
| Short term banking liabilities | 17 | 3.760 | 17.989 | 3.760 | 17.989 |
| Short term provisions | 20 | 519 | 512 | 519 | 512 |
| Other short term liabilities | 21 | 9.592 | 13.307 | 9.512 | 13.251 |
| 85.758 | 94.505 | 85.373 | 94.139 | ||
| Total Shareholders' Equity | 162.030 | 157.090 | 163.743 | 158.421 | |
| and Liabilities |
| Share Capital |
Additional paid in capital |
Reserves and earnings carried forward |
Total | |
|---|---|---|---|---|
| Net equity balance at the beginning of the period (1st of January 2008) |
7.066 | 11.961 | 32.930 | 51.957 |
| Total Comprehensive Income | - | - | 4.045 | 4.045 |
| Dividends paid | - | - | (6.624) | (6.624) |
| Net equity balance at the end of the period (31st of December 2008) |
7.066 | 11.961 | 30.351 | 49.378 |
| Net equity balance at the beginning of the period (1st of January 2009) |
7.066 | 11.961 | 30.351 | 49.378 |
| Total Comprehensive Income | - | - | 4.657 | 4.657 |
| Dividends paid Net equity balance at the end of the period (31st of December |
- | - | (2.650) | (2.650) |
| 2009) | 7.066 | 11.961 | 32.358 | 51.386 |
| Share Capital |
Additional paid in capital |
Reserves and earnings carried forward |
Total | |
|---|---|---|---|---|
| Net equity balance at the beginning of the period (1st of January 2008) |
7.066 | 11.961 | 34.693 | 53.720 |
| Total Comprehensive Income Dividends paid Net equity balance at the end of the period (31st of December |
3.978 (6.624) |
3.978 (6.624) |
||
| 2008) | 7.066 | 11.961 | 32.047 | 51.074 |
| Net equity balance at the beginning of the period (1st of January 2009) |
7.066 | 11.961 | 32.047 | 51.074 |
| Total Comprehensive Income | 5.062 | 5.062 | ||
| Dividends paid Net equity balance at the end of the period (31st of December |
(2.650) | (2.650) | ||
| 2009) | 7.066 | 11.961 | 34459 | 53.487 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 01/01/09- 31/12/09 |
01/01/08- 31/12/08 |
01/01/09- 31/12/09 |
01/01/08- 31/12/08 |
|
| Operating Activities | ||||
| Profits before taxes | 7.645 | 5.987 | 8.055 | 5.920 |
| Plus / less adjustments for: Depreciation / amortization |
||||
| Devaluation of Investments | 5.374 | 3.683 | 5.318 | 3.613 |
| Provisions | 0 | 32 | 0 | 32 |
| Exchange differences | 46 | 108 | 44 | 108 |
| Results (income, expenses, profit and loss) from investing activities | (98) | 109 | (98) | 109 |
| 44 | 375 | 92 | 502 | |
| Interest expenses and related costs | 1.853 | 3.537 | 1.745 | 3.463 |
| Plus/less adjustments for changes in working capital or related to operating activities |
||||
| Decrease / (increase) in inventories | (3.934) | 7.954 | (4.283) | 8.259 |
| Decrease / (increase) in receivables | (749) | (175) | 1.337 | (667) |
| (Decrease) / increase in liabilities (except for banks) Less: |
3.934 | (3.321) | 3.931 | (3.664) |
| Interest charges and related expenses paid | (2.839) | (4.175) | (2.803) | (4.147) |
| Income taxes paid | (975) | (5.679) | (1.010) | (5.392) |
| Total inflows / (outflows) from operating activities (a) | 10.299 | 8.434 | 12.328 | 8.135 |
| Investing Activities | ||||
| Acquisition of subsidiaries, affiliated companies, joint ventures and other investments |
0 | 0 | (2.165) | 0 |
| Purchase of tangible and intangible fixed assets | (4.287) | (19.244) | (4.271) | (19.238) |
| Earnings from sales of tangible, intangible fixed assets and other investments |
0 | 0 | 0 | 0 |
| Received interest | 783 | 651 | 854 | 698 |
| Received dividends | 76 | 57 | 76 | 57 |
| Total inflows / (outflows) from investing activities (b) | (3.428) | (18.536) | (5.506) | (18.484) |
| Financing Activities | ||||
| Proceeds from share capital increase | 0 | 0 | 0 | 0 |
| Proceeds from issued loans | 12.000 | 26.346 | 12.000 | 26.346 |
| Payments of loans | (14.872) | (9.509) | (14.872) | (9.509) |
| Payments of financial leasing liabilities (capital installments) | 0 | 0 | 0 | 0 |
| Dividends paid | (2.650) | (6.624) | (2.650) | (6.624) |
| Total inflows / (outflows) from financing activities (c) | (5.521) | 10.213 | (5.521) | 10.213 |
| Net increase / (decrease) in cash and cash equivalents for the period (a) + (b) + (c) |
1.350 | 110 | 1.300 | (136) |
| Cash and cash equivalents at the beginning of the period | 8.606 | 8.495 | 8.151 | 8.287 |
| Cash and cash equivalents at the end of the period | 9.956 | 8.606 | 9.452 | 8.151 |
These financial statements include the annual financial statements of the company PLAISIO COMPUTERS S.A. (the "Company") and the consolidated annual financial statements of the Company and its subsidiaries (together "the Group").
PLAISIO COMPUTERS S.A. was founded in 1988 and is listed in the Athens Stock Exchange since 1999. The company's headquarters are located in Thesi Skliri, Magoula, Attica 19 600 (Num. M.A.E 16601/06/B/88/13). The Company assembles and trades PCs, Telecommunication and Office Equipment.
The Board of Directors of PLAISIO COMPUTERS S.A. approved the financial statements for the period ending on December 31st 2009 on the 26th of January 2010.
These Company and consolidated financial statements have been prepared by management in accordance with the International Financial Reporting Standards (IFRS) and Interpretations by the International Financial Reporting Interpretations Committee (IFRIC), as they have been adopted by the European Union and IFRS that have been issued by the International Accounting Standards Board (IASB).
The accounting principles that have been used in the preparation and presentation of the annual financial statements are in accordance with those used for the preparation of the Company and Group financial statements as of December 31, 2008 as were published on the website of the Company for information purposes.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of investment property at fair value.
The preparation of the Financial Statements, in conformity with IFRS, requires the use of certain estimates and assumptions which affect the balances of the assets and liabilities, the contingencies disclosure as at the balance sheet date of the financial statements and the amounts of income and expense relating to the reporting year. These estimates are based on the best knowledge of the Company's and Group's management in relation to the current conditions and actions.
Any differences between amounts in the primary financial statements and similar amounts detailed in the explanatory notes are due to rounding of figures.
New standards, amendments to standards and interpretations: Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning during the current reporting period and subsequent reporting periods. The Group's evaluation of the effect of these new standards, amendments to standards and interpretations is as follows:
This standard supersedes IAS 14, under which segments were identified and reported based on a risk and return analysis. Under IFRS 8 segments are components of an entity regularly reviewed by the entity's chief operating decision maker and are reported in the financial statements based on this internal component classification. This amendment has no effect on the number of segments that are presented in the financial statements.
IAS 1 has been revised to enhance the usefulness of information presented in the financial statements. The revised standard prohibits the presentation of items of income and expenses (that is 'non-owner changes in equity') in the statement of changes in equity, requiring 'non-owner changes in equity' to be presented separately from owner changes in equity. All 'non-owner changes in equity' are required to be shown in a performance statement. Entities can choose whether to present one performance statement (the statement of comprehensive income) or two statements (the income statement and statement of comprehensive income). The Group has elected to present one statement.
The amendment requires enhanced disclosures about fair value measurement and liquidity risk. In particular, the amendment requires disclosure of fair value measurements by level of a fair value measurement hierarchy. As these changes only result in additional disclosures, there is no impact on earnings per share.
The amendment clarifies the definition of "vesting condition" by introducing the term "non-vesting condition" for conditions other than service conditions and performance conditions. The amendment also clarifies that the same accounting treatment applies to awards that are effectively cancelled by either the entity or the counterparty. This amendment does not impact the Group's financial statements.
This standard replaces the previous version of IAS 23. The main change is the removal of the option of immediately recognising as an expense borrowing costs that relate to assets that need a substantial period of time to get ready for use or sale. The Group will adopt the revised IAS.
The amendment to IAS 32 requires certain puttable financial instruments and obligations arising on liquidation to be classified as equity if certain criteria are met. The amendment to IAS 1 requires disclosure of certain information relating to puttable instruments classified as equity. This amendment does not impact the Group's financial statements.
This amendment clarifies that entities should no longer use hedge accounting for transactions between segments in their separate financial statements. This amendment is not applicable to the Group as it does not apply hedge accounting in terms of IAS 39.
This interpretation clarifies the treatment of entities that grant loyalty award credits such as ''points'' and ''travel miles'' to customers who buy other goods or services. This interpretation is not relevant to the Group's operations.
This interpretation addresses the diversity in accounting for real estate sales. Some entities recognise revenue in accordance with IAS 18 (i.e. when the risks and rewards in the real estate are transferred) and others recognise revenue as the real estate is developed in accordance with IAS 11. The interpretation clarifies which standard should be applied to particular. This interpretation is not relevant to the Group's operations.
This interpretation applies to an entity that hedges the foreign currency risk arising from its net investments in foreign operations and qualifies for hedge accounting in accordance with IAS 39. The interpretation provides guidance on how an entity should determine the amounts to be reclassified from equity to profit or loss for both the hedging instrument and the hedged item. This interpretation is not relevant to the Group, as the Group does not apply hedge accounting for any investment in a foreign operation.
This interpretation clarifies the requirements of IFRSs for agreements in which an entity receives from a customer an item of property, plant and equipment that the entity must then use to provide the customer with an ongoing supply of goods or services. In some cases, the entity receives cash from a customer which must be used only to acquire or construct the item of property, plant and equipment. This interpretation is not relevant to the Group.
The revised IFRS 3 introduces a number of changes in the accounting for business combinations which will impact the amount of goodwill recognized, the reported results in the period that an acquisition occurs, and future reported results. Such changes include the expensing of acquisition-related costs and recognizing subsequent changes in fair value of contingent consideration in the profit or loss. The amended IAS 27 requires that a change in ownership interest of a subsidiary to be accounted for as an equity transaction. Furthermore the amended standard changes the accounting for losses incurred by the subsidiary as well as the loss of control of a subsidiary. The changes introduced by these standards must be applied prospectively and will affect future acquisitions and transactions with minority interests. The Group will apply these changes from their effective date.
IFRS 9 is the first part of Phase 1 of the Board's project to replace IAS 39. The IASB intends to expand IFRS 9 during 2010 to add new requirements for classifying and measuring financial liabilities, derecognition of financial instruments, impairment, and hedge accounting. IFRS 9 states that financial assets are initially measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, particular transaction costs. Subsequently financial assets are measured at amortised cost or fair value and depend on the basis of the entity's business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. IFRS 9 prohibits reclassifications except in rare circumstances when the entity's business model changes; in this case, the entity is required to reclassify affected financial assets prospectively. IFRS 9 classification principles indicate that all equity investments should be measured at fair value. However, management has an option to present in other comprehensive income unrealised and realised fair value gains and losses on equity investments that are not held for trading. Such designation is available on initial recognition on an instrument-by-instrument basis and is irrevocable. There is no subsequent recycling of fair value gains and losses to profit or loss; however, dividends from such investments will continue to be recognised in profit or loss. IFRS 9 removes the cost exemption for unquoted equities and derivatives on unquoted equities but provides guidance on when cost may be an appropriate estimate of fair value. The Group is currently investigating the impact of IFRS 9 on its financial statements. The Group cannot currently early adopt IFRS 9 as it has not been endorsed by the EU. Only once approved will the Group decide if IFRS 9 will be adopted prior to 1 January 2013.
(effective for annual periods beginning on or after 1 January 2010)
This amendment provides additional clarifications for first-time adopters of IFRSs in respect of the use of deemed cost for oil and gas assets, the determination of whether an arrangement contains a lease and the decommissioning liabilities included in the cost of property, plant and equipment. This amendment will not impact the Group's financial statements since it has already adopted IFRSs. This amendment has not yet been endorsed by the EU.
The purpose of the amendment is to clarify the scope of IFRS 2 and the accounting for group cashsettled share-based payment transactions in the separate or individual financial statements of the entity receiving the goods or services, when that entity has no obligation to settle the share-based payment transaction. This amendment is not expected to impact the Group's financial statements. This amendment has not yet been endorsed by the EU.
This amendment attempts to relax disclosures of transactions between government-related entities and clarify related-party definition. More specifically, it removes the requirement for government-related entities to disclose details of all transactions with the government and other government-related entities, clarifies and simplifies the definition of a related party and requires the disclosure not only of the relationships, transactions and outstanding balances between related parties, but of commitments as well in both the consolidated and the individual financial statements. The Group will apply these changes from their effective date. This amendment has not yet been endorsed by the EU.
This amendment clarifies how certain rights issues should be classified. In particular, based on this amendment, rights, options or warrants to acquire a fixed number of the entity's own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. This amendment is not expected to impact the Group's financial statements.
This amendment clarifies how the principles that determine whether a hedged risk or portion of cash flows is eligible for designation should be applied in particular situations. This amendment is not applicable to the Group as it does not apply hedge accounting in terms of IAS 39.
IFRIC 12 – Service Concession Arrangements (EU endorsed for periods beginning 30 March 2009) This interpretation applies to companies that participate in service concession arrangements. [This interpretation is not relevant to the Group's operations.
This interpretation provides guidance on accounting for the following types of non-reciprocal distributions of assets by an entity to its owners acting in their capacity as owners: (a) distributions of non-cash assets and (b) distributions that give owners a choice of receiving either non-cash assets or a cash alternative. The Group will apply this interpretation from its effective date.
This interpretation addresses the accounting by the entity that issues equity instruments to a creditor in order to settle, in full or in part, a financial liability. This interpretation is not relevant to the Group. This amendment has not yet been endorsed by the EU.
The amendments apply in limited circumstances: when an entity is subject to minimum funding requirements and makes an early payment of contributions to cover those requirements. The amendments permit such an entity to treat the benefit of such an early payment as an asset. This interpretation is not relevant to the Group. This amendment has not yet been endorsed by the EU.
Subsidiaries are all entities over which the Group has the power to govern, directly or indirectly, the financial and operating policies.
Subsidiaries are fully consolidated (full consolidation) from the date on which control is transferred to the Group and they are de-consolidated from the date that control ceases.
The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Group's share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the Group' share of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement.
When the Group increases its shareholding in a subsidiary, the difference between the price paid and the book value of the net assets of that subsidiary is recorded directly in equity.
Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of subsidiaries have been changed to ensure consistency with the policies adopted by the Group.
The Company accounts for its investment in subsidiaries, in its stand alone accounts, on the cost less impairment basis.
Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group's investment in associates includes goodwill identified on acquisition, (net of any accumulated impairment loss).
The Group's share of its associates' post-acquisition profits or losses is recognized in the income statement, and its share of post-acquisition movements in reserves is recognized in reserves. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group's share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the associate.
Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group's interest in the associates. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed to ensure consistency with the policies adopted by the Group.
Investments in associates are accounted for in the Company financial statements at the cost less impairment basis.
A business sector is defined as a group of assets and operations engaged in providing products and services that are subject to risks and returns that are different from those of other business segments. The management of the Group recognizes three business segments (the product categories: a)Office Supplies, b)Telephony, c) Computers and Digital Technology) as its operating segments. The results of operational segments are regularly evaluated by the decision makers in order to make decisions relative to distribution of resources to the segment and assessing its performance.
Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The consolidated financial statements are presented in Euros, which is the Company's functional and presentation currency.
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
(c) Group companies The results and financial position of all group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
i. Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet
ii. Income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions) and
iii. All resulting exchange differences are recognised as a separate component of equity and transferred in Income Statement with the sale of those entities.
Exchange differences arising from the translation of the net investment in foreign entities' are recognised in equity. When a foreign operation is sold, such exchange differences are recognised in the income statement as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.
All property, plant and equipment ("PPE") is shown at cost less subsequent depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group higher than the initially expected according to the initial return of the financial asset and under the assumption that the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Costs required for the development and improvement of the computer software programmes are capitalised. Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use. Borrowing costs are capitalised to the extent that funds are borrowed specifically for the purpose of obtaining a qualifying asset. To the extent that funds are borrowed generally and used for the purpose of obtaining a qualifying asset, the amount of borrowing costs eligible for capitalisation is determined by applying a capitalisation rate to the expenditures on that asset. All other borrowing costs are expensed as incurred.
Land is not depreciated. Depreciation on PPE is calculated using the straight-line method to allocate the cost of each asset to its residual value over its estimated useful life, in order to write down the cost in its residual value. The expected useful life of property, plant and equipment is as follows:
| Buildings: | 30 years |
|---|---|
| Vehicles: | 5 – 10 years |
| Other equipment: | 3 – 6 years |
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
When the carrying amount of the asset is higher than its recoverable amount, the resulting difference (impairment loss) is recognized immediately as an expense in the income statement. In case of sale of property, plant and equipment, the difference between the sale proceeds and the carrying amount is recognized as profit or loss in the income statement.
Software licences are evaluated at cost minus depreciation and any impairment cost. The software depreciation is calculated using the straight-line method and within a period of 3 - 5 years.
Expenses that are required for the development and repair of the software are recognized as expenses are recognized as expenses when they are realized. Expenses for the development of specific software, controlled by the Group are recognized as intangible assets, when:
a. there is the technical possibility to complete the software so that it is available for use or sale
b. there is the intent to complete and sell or use the item
c. there is the possibility to sell or use the item
d. the asset is going to produce future benefits. There has to be evidence that there is a market for the item or its production or if it going to be used internally to prove the usefulness of the item in other segments of the entity.
e. it is certain that adequate technical, financial and other resources will be available that will ensure the completion and sale or use of the item
f. there is the possibility to measure reliably of the expense that are directly attributed
Expenses that are capitalized comprise of the cost of material and services used or are consumed as well as the cost of the benefits to the employees that comes about directly from the production of the item.
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment and whenever events or changes in circumstance indicate that the carrying amount may not be recoverable.
Assets that are subject to amortisation are tested for impairment whenever events or changes in circumstance indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Impairment losses are recognised as an expense to the Comprehensive Income Statement, when they occur.
The Group classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables, available-for-sale, investment in subsidiaries, derivative financial instruments and hedging activities. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition and reevaluates this designation at every reporting date.
This category has three sub-categories: financial assets held for trading, those designated at fair value through profit or loss at inception and derivatives. Assets in this category are classified as current if they are either held for trading or are expected to be realised within 12 months of the balance sheet date. Also, the derivative financial instruments are classified as held for trading unless they are designated as hedges. Assets in this category are classified as current assets.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and with no intention of trading. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as noncurrent assets.
Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the above categories. They are included in non-current assets unless management intends to dispose of the investment within 12 months of the balance sheet date.
Purchases and sales of financial assets are recognised on trade-date – the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus the transaction costs. Financial assets are derecognised when the rights to receive cash flows from the investments have expired
or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Available-for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Gains or losses from changes in the fair value of the "financial assets at fair value through profit or loss" category are recognised in the income statement in the period in which they arise. Unrealized gains or losses from changes in fair value of financial assets that classified as available for sale are recognized in revaluation reserves. In case of sale or impairment of available for sale financial assets, the accumulated fair value adjustments are transferred to profit or loss.
The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm's length transactions, reference to other instruments that are substantially the same and discounted cash flow analysis refined to reflect the issuer's specific circumstances.
The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired. In the case of equity securities classified as available for sale, a significant or prolonged decline in the fair value of the security below its cost is considered in determining whether the securities are impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss – is removed from equity and recognised in the income statement. Impairment losses recognised in the income statement on equity instruments are not reversed through the income statement.
The Group designates certain derivatives as cash flow hedges. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. The gain or loss relating to the ineffective portion is recognized immediately in Group's results (income statement). Amounts accumulated in equity are recycled in the income statement in the periods when the hedged item affects profit or loss (when the forecast sale that is hedged takes place).
Certain derivative instruments that are not qualify as hedging instruments and no longer meet the criteria for hedge accounting, are classified as derivatives available for sale and accounted for at fair value through profit or loss. Changes in the fair value of any of these derivative instruments are recognized immediately in the income statement within 'Other operating income / (expenses) - net'. The Group designates certain derivative financial instruments as:
1) hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow hedge), or
2) derivatives at fair value through the income statement.
Changes in the fair value of derivatives that are not attributable to hedging are recognized immediately in the income statement within 'Other operating income / (expenses) – net'.
Inventories are stated at the lower of cost and net realisable value. Differences between cost and net realisable value are recognised as losses in the income statement when they arise.
Cost is determined using the weighted average method. It excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less any applicable selling expenses.
The decrease in the cost of inventories to the net realizable value and all other damage to the inventories are posted in the P&L of the period in which they appear.
Trade receivables are recognized initially at fair value (invoice value) and are then valuated in their undepreciated cost, using the real interest rate, deducting any impairement losses. The impairement losses are recognized when the there is oblective evidence that it is not going to collect all the amount that it is owed to it based on the selling terms less provisions for non-receivables (bad debt). Provision for doubtful receivables is conducted when there is objective evidence that the Group or the Company will not be able to collect all amounts due according to the terms of receivables. The doubtful receivables (bad debt) are written off against the formatted bad debt provision. Significant financial difficulties, probability that the debtor will enter bankruptcy or financial reorganisation and the delinquency in payments are considered indicators that the trade receivable is impaired. The amount of the provision is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised as expense in the income statement within 'Other operating income / (expenses) – net'. The amount of the impairment loss is posted as expense in the "Other Expenses" of the P&L. When a trade receivable is characterized as "not-to-be-collected" it is written off, using the account for provisions. In case a receivable which was written off is collected, the other expenses are credited in "the Other Expenses" of the P&L.
Cash and cash equivalents include cash on hand, short-term bank deposits and other short-term highly liquid investments with maturity dates of three (3) months or less and insignificant risk.
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares are shown after the reduction of the relative income tax in reduction to the product of issue. Incremental costs directly attributable to the issue of new shares for the acquisition of other entities are included in the cost of acquisition of the new company.
The acquisition cost of own shares is presented as decreasing in equity, until the own shares are sold or cancelled. Any profit or loss from the sale of own shares, net of direct to the transaction other expenses and taxes is presented as a reserve in equity.
The trade and other payables are recognized initially in their fair value and after that in their undepreciated cost based on the method of the effective interest rate.
Banking loans are recognized initially at fair value, decreased by any transaction costs incurred. Subsequently, they are stated at amortized cost. Any difference between the proceeds and the redemption value is recognized in the profit and loss statement over the borrowing period using the effective interest method.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.
The income tax of the subsidiaries and associates of the Group is calculated based on the relevant laws that apply at the date of the Balance Sheet in the countries where they act and where the taxable income occurs. The management periodically checks the calculations of the tax and in cases where the relevant tax law can be interpreted in different ways, it forms a relevant provision for the surplus amount that is expected to be paid to the local tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising 0between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. The deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither The period's income tax includes the current tax, the deferred tax and the provisions for unaudited tax periods. Income tax is recognized in the income statement of the period, except for the tax relating to transactions that have been booked directly to equity, in which case it is, accordingly, booked to equity.
accounting nor taxable profit or loss. Deferred tax assets and liabilities shall be measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries, joint ventures and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.
Short-term employee benefits, monetary and in items, are recognized as an expense when they accrue.
According to the Greek Law 2112/20 the company pays the employees compensations for dismissals or resignations due to pensions. The aforementioned payments depend on the years of working experience, the remunerations, and the way of leaving the company (dismissal or resignation). The compensations for pensions and dismissals fall under the defined benefit plans according to the IFRS 19 «Employee benefits». Τhe above obligations are calculated based on an actuarial projected unit credit method. A program of specific benefits that operates taking into consideration various factors such as age, years of experience, remuneration and other specific obligations.
The provisions that concern the fiscal year, are included in the relative personnel cost in the attached consolidated financial statements and consist of the current and previous personnel cost, the relative financial cost, the actuarial profits or losses and any other possible charges. According to the IFRS 19, for the non-recognized actuarial profits or losses, the method of corridor approach is followed. IFRS 19 states that the profits and losses are systematically registered during the average employee working life.
The provision for personnel compensation for the current period, which is displayed in the results of the Group and the Company, is based on an actuarial study made by an independent actuarial company.
Provisions are recognized when:
iii. The amount can be reliably estimated
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the balance sheet date (see Note 4.1). The discount rate used to determine the present value reflects current market assessments of the time value of money and the increases specific to the liability.
Revenue includes the fair value of the sales of goods and services, net of VAT, deductions and returns. The intercompany revenue of the Group is eliminated.
The Group recognizes the income when the amount can be measured reliably, when the Group expects future inflows and when the criteria that are mentioned below, for each separate category, are met. The amount of the sale is not considered to be measured reliably if any contingent obligations are related to the income. The Group bases its estimations on historical data, taking into consideration the category of the customer, the type of transaction and the specific terms of the contract.
Revenue is recognized as follows:
Revenue from sale of goods are recognized when the Group delivers the Goods to the customers, the goods are accepted by them and the collection of the receivable is assured.
Income from services is recognized in the accounting period in which the services are rendered, based on the stage of completion of the services provided in relation to the total services to be provided.
Interest income is recognized in the income statement on a time proportion basis using the effective interest method. When a receivable is impaired, the Group reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at original effective interest rate of the instrument, and continues accreting the discount as interest income. Afterwards, interests are calculated by using the same rate on the impaired value (new carrying amount).
Income from dividends is recognized when the right to receive payment is established.
Leases of property, plant and equipment where the Group has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lease's inception at the lower of the fair value of the leased property and the present value of the minimum lease payments. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the finance balance outstanding. The corresponding rental obligations, net of finance charges, are included in other long-term payables. The interest element of the finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases is depreciated over the shorter of the asset's useful life and the lease term if classified as tangible assets, while if classified as investment properties they are not depreciated but presented in their fair value.
Leases where the lessor retains substantially all the risks and rewards of ownership are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease.
Dividend distribution to the Company's shareholders is recognised as a liability in the Group's financial statements when the dividend distribution is approved by the Company's General Assembly. The first dividend is recognised at its payment.
The Group is exposed to a variety of financial risks: market risk (including foreign exchange risk, interest rate risk and price risk), credit risk and liquidity risk. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group's financial performance.
Risk management is carried out by a central treasury department (Group Treasury) under policies approved by the Board of Directors. Group Treasury identifies, evaluates and hedges financial risks in close cooperation with the Group's operating units. The Board provides written principles and directions for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest-rate risk and credit risk.
The foreign exchange risk is the risk of volatility of the value of financial assets, of assets and liabilities due to changes in the exchange rates. The majority of the Group's transactions and balances is in Euro. Therefore the management estimates that the Group is not exposed to foreign exchange risks. The management will observe the foreign currency risks that may arise and will evaluate the need for relevant measures.
The Group's income and operating cash flows are substantially independent of changes in market interest rates as the operating cash available for investment and the interest-bearing receivables mainly depend on Euro interest rates which have both historically low fluctuation and the future forecast market fluctuation remains especially low as well. The group analyses its interest rate exposure on a dynamic basis. Various scenarios are simulated taking into consideration refinancing, renewal of existing positions, alternative financing and hedging. Based on these scenarios, the group calculates the impact on profit and loss of a defined interest rate shift. For each simulation, the same interest rate shift is used for all currencies.
In the framework of the significant increase of the interest rates, the policy of the company is to keep loans at a low level, assuring at the same time that there is a financing capability from the banks that PLAISIO cooperates with that satisfy without a problem the planned increase of the company.
In any case the company has very satisfying liquidity levels, which allows it to distribute the greatest % of its profits after taxes to dividends and achieve high rates of growth of its proceedings.
On December 31st 2009, the loans of the Company and of the Group are presented in note no 17 of the financial statements. The bond loan of the Company and of the Group, on December 31st 2009, was 23.784 th. €, from which 5.784 th. € refer to a common Bond loan of fixed interest rate from NBG, the 6.000 th. € refer to a common Bond loan from Alpha Bank with a floating interest rate that is covered from a derivative (note 21) and the remaining 12.000 th. € refer to a common bond loan from Eurobank with a two year grant period. The short term loans of the company amounted to 3.117 th. € On 31/12/2009 (17.346 th. € 31/12/2008) was contracted under a floating interest rate. The following table presents the sensitivity of the results of the period as well as the net equity to a change of the interest rate of +1% or -1%. The relevant influence is presented as follows:
The results of the period as well as the Net Equity of the Group and of the Company, in this case, would decrease by 151 th. € and 173 th. € on 31/12/2009 and 31/12/2008 respectively.
B) Interest Rate decrease by 1%:
The results of the period as well as the Net Equity of the Group and of the Company, in this case, would increase by 151 th. € and 173 th. € on 31/12/2009 and 31/12/2008 respectively.
Credit risk is managed on group basis. Credit risk arises from cash and cash equivalents, derivative financial instruments and, as well as credit exposures to customers, including outstanding receivables and committed transactions.
Sales are made mainly to customers with an assessed credit history and credit limits. Also, certain sale and collection terms are applied. Whenever possible, further securities are requested for outstanding receivables.
At December 31, 2009 customers who had exceeded their credit limits apart from those for whom provisions had been made, and Management does not expect significant losses from nonreceivables.
The Group has no significant credit risk, mainly because of the large dispersion of its customers. . Retail sales are paid in cash or credit cards. For wholesales the Group has the necessary policies in order to ensure that sales are made to customers with an appropriate credit history. Furthermore, the Group's receivables are insured.
In note 14 the concentration of credit risk for cash and cash equivalents on December 31st 2009 is presented, while the credit risk for cusomers is presented in note no 11.
The Group retains enough capital and pre-approved credit balances from banks in order to minimize the liquidity risk. The company retains enough cash in order to cover any short term liquidity needs. The financial liabilities of the Group and for the Company are analyzed as follows:
| THE GROUP 31.12.2009 | Up to 12 months |
1 to 2 years | 2 to 5 years | Over 5 years |
|---|---|---|---|---|
| Suppliers * Other Short term liabilities | 81.779 | 0 | 0 | |
| Loans | 5.432 | 2.172 | 19.034 | 7.138 |
| Total | 87.211 | 2.172 | 19.034 | 7.138 |
| THE GROUP 31.12.2008 | Up to 12 months |
1 to 2 years | 2 to 5 years | Over 5 years |
|---|---|---|---|---|
| Suppliers Other Short term liabilities | 76.004 | 0 | 0 | |
| Loans | 18.725 | 987 | 9.636 | 3.408 |
| Total | 94.729 | 987 | 9.636 | 3.408 |
| THE COMPANY 31.12.2009 | Up to 12 | 1 to 2 years | 2 to 5 years | Over 5 years |
| months | ||||
| Suppliers Other Short term liabilities | 81.095 | 0 | 0 | |
| Loans | 5.432 | 2.172 | 19.034 | 7.138 |
| Total | 86.527 | 2.172 | 19.034 | 7.138 |
| THE COMPANY 31.12.2008 | Up to 12 | 1 to 2 years | 2 to 5 years | Over 5 years |
| months | ||||
| Suppliers * Other Short term liabilities | 75.638 | 0 | 0 | |
| Loans | 18.725 | 987 | 9.636 | 3.408 |
| Total | 94.363 | 987 | 9.636 | 3.408 |
The group considers its liabilities to suppliers as short-term, in the same category it includes other short term liabilities and tax liabilities.
The Group and Company objectives when managing capital are to safeguard the ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group and Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Consistent with others in the industry, the Group and Company monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including 'current and non-current borrowings' as shown in the consolidated balance sheet) less cash and cash equivalents. Total capital is calculated as 'equity' as shown in the consolidated balance sheet plus net debt.
In 2009, the strategy of the company and the group was to maintain the gearing ratio between 25%- 30%. The gearing ratio on December 31st 2009 and 2008 respectively were
| THE GROUP | 31.12.2009 | 31.12.2009 |
|---|---|---|
| Total loans | 29.772 | 12.935 |
| Minus: Cash & cash equivalents | -7.232 | -8.495 |
| Net Borrowing | 22.540 | 4.440 |
| Total equity | 49.377 | 51.958 |
| Total capital | 73.613 | 56.398 |
| Gearing ratio | 31% | 8% |
| THE COMPANY | 31.12.2009 | 31.12.2009 |
|---|---|---|
| Total loans | 29.772 | 12.935 |
| Minus: Cash & cash equivalents | -6.786 | -8.287 |
| Net Borrowing | 22.986 | 4.648 |
| Total equity | 51.083 | 53.721 |
| Total capital | 74.059 | 58.369 |
| Gearing ratio | 31% | 8% |
Estimates and judgments of the Management are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next 12 months. In the Financial Statements of December 31st 2009 the main accounting principles of the Balance Sheet of December 31st 2009 have been observed
The segment results for the year ended 31 December 2009 were as follows:
| Segment reporting | ||||||
|---|---|---|---|---|---|---|
| 01.01-31.12.2009 | Office equipment |
Computer and digital equipment |
Telecom equipment |
Non specified |
Total | |
| Total Gross Sales per | ||||||
| segment | 108.307 | 243.072 | 40.533 | 1.955 | 393.867 | |
| Inter company Sales | (1.236) | (2.911) | (50) | - | (4.197) | |
| Revenue From External | ||||||
| Customers. | 107.071 | 240.161 | 40.483 | 1.955 | 389.670 |
| EBITDA | 5.777 | 7.134 | 1.476 | 379 | 14.766 |
|---|---|---|---|---|---|
| Operating profit / (loss) | |||||
| EBIT | 3.675 | 4.538 | 939 | 240 | 9.392 |
| Finance cost | (1.746) | ||||
| Income tax expense | (2.914) | ||||
| Profits / (losses) after | |||||
| taxes | 4.731 |
The segment results for the year ended 31 December 2008 were as follows:
| Segment reporting | |||||||
|---|---|---|---|---|---|---|---|
| 01.01-31.12.2008 | Office equipment |
Computer and digital equipment |
Telecom equipment |
Non specified |
Total | ||
| Total Gross Sales per | |||||||
| segment | 115.098 | 263.454 | 37.165 | 1.515 | 417.232 | ||
| Inter company Sales | (1.518) | (3.735) | (78) | - | (5.331) | ||
| Revenue From External | |||||||
| Customers. | 113.579 | 259.719 | 37.087 | 1.515 | 411.901 | ||
| EBITDA | 4.959 | 6.543 | 1.317 | 237 | 13.055 | ||
| Operating profit / (loss) | |||||||
| EBIT | 3.560 | 4.697 | 945 | 170 | 9.373 | ||
| Finance cost | (3.386) | ||||||
| Income tax expense | (1.729) | ||||||
| Profits / (losses) after | |||||||
| taxes | 4.257 |
The assets and liabilities per segment are analyzed as follows:
| Office | Computer and digital | Telecom | ||
|---|---|---|---|---|
| 01/01/2009 - 31/12/2009 | equipment | equipment | equipment | Total |
| Assets of the segment | 28.746 | 65.001 | 10.869 | 104.615 |
| Non distributed Assets | - | - | - | 57.415 |
| Consolidated Assets | 28.746 | 65.001 | 10.869 | 162.030 |
| Office | Computer and digital | Telecom | ||
| 01/01/2009 - 31/12/2009 | equipment | equipment | equipment | Total |
| Segment Liabilities | 19.693 | 40.080 | 7.803 | 67.576 |
| Non distributed Liabilities | - | - | - | 94.454 |
| Consolidated Liabilities | 19.693 | 40.080 | 7.803 | 162.030 |
| Office | Computer and digital | Telecom | ||
|---|---|---|---|---|
| 01/01/2008 - 31/12/2008 | equipment | equipment | equipment | Total |
| Assets of the segment | 11.377 | 26.168 | 3.715 | 41.261 |
| Non distributed Assets | - | - | - | 115.829 |
| Consolidated Assets | 11.377 | 26.168 | 3.715 | 157.090 |
| Office | Computer and digital | Telecom | ||
| 01/01/2008 - 31/12/2008 | equipment | equipment | equipment | Total |
| Segment Liabilities | ||||
| Non distributed Liabilities | 16.894 - |
37.930 - |
5.233 - |
60.058 97.032 |
The home-country of the Company – which is also the main operating country – is Greece. The Group is activated mainly in Greece, while it is also activated in Bulgaria.
| Sales | Total Assets | |
|---|---|---|
| 01.01.2009 - 31.12.2009 |
31.12.2009 | |
| Greece | 382.362 | 163.743 |
| Bulgaria | 7.308 | 2.137 |
| 389.670 | 162.030 |
| Sales 01.01.2008 - |
Total Assets | |
|---|---|---|
| 31.12.2008 | 31.12.2008 | |
| Greece | 403.495 | 158.421 |
| Bulgaria | 8.406 | 2.402 |
| 411.901 | 157.090 |
The tangible and intangible assets of the Group and the Company are analyzed as follows:
| Tangible & Intangible Assets | |||||
|---|---|---|---|---|---|
| THE GROUP | |||||
| Land & Buildings |
Furniture & Other Equipment |
Tangible Assets under construction |
Intangible Assets |
Total | |
| Acquisition Cost | |||||
| Book Value on January 1st 2009 | 38.524 | 18.506 | 108 | 4.539 61.677 | |
| Additions | 2.847 | 981 | 178 | 281 | 4.287 |
| Reductions | -77 | -106 | 0 | 0 | -183 |
| Transfers | -984 | 116 | -154 | 1.022 | 0 |
| Book value on December 31st 2009 | 40.310 | 19.497 | 132 | 5.841 65.780 | |
| Depreciation | |||||
| Book Value on January 1st 2009 | -6.422 | -9.865 | 0 | -3.813 -20.100 | |
| Additions | -2.322 | -2.490 | 0 | -562 | -5.374 |
| Reductions | 7 | 85 | 0 | 0 | 92 |
| Transfers | 3 | 0 | 0 | -3 | 0 |
| Book value on December 31st 2009 | -8.734 | -12.270 | 0 | -4.378 -25.381 | |
| Remaining value on December 31st 2009 | 31.576 | 7.228 | 132 | 1.463 40.399 | |
| Remaining value on December 31st 2009 | 32.102 | 8.641 | 108 | 726 41.577 |
| Tangible & Intangible Assets | |||||
|---|---|---|---|---|---|
| THE GROUP | |||||
| Land & Buildings |
Furniture & Other Equipment |
Tangible Assets under construction |
Intangible Assets |
Total | |
| Acquisition Cost | |||||
| Book Value on January 1st 2008 | 18.765 | 10.888 | 10.069 | 4.043 | 43.765 |
| Additions | 4.515 | 5.943 | 8.544 | 512 | 19.514 |
| Reductions | (1.235) | (373) | 0 | (16) | (1.624) |
| Transfers | 16.479 | 2.050 | (18.505) | 0 | 24 |
| Book value on December 31st 2008 | 38.524 | 18.506 | 109 | 4.539 | 61.677 |
| Depreciation | |||||
| Book Value on January 1st 2008 | (5.672) | (8.168) | 0 | (3.632) (17.472) | |
| Additions | (1.487) | (1.999) | 0 | (196) | (3.683) |
| Reductions | 737 | 301 | 0 | 16 | 1.054 |
| Transfers | 0 | 0 | 0 | 0 | 0 |
| Book value on December 31st 2008 | (6.422) | (9.865) | 0 | (3.813) (20.100) | |
| Remaining value on December 31st 2008 | 32.102 | 8.641 | 109 | 726 | 41.457 |
| Remaining value on December 31st 2007 | 13.093 | 2.720 | 10.069 | 411 | 26.293 |
| Tangible & Intangible Assets | |||||
|---|---|---|---|---|---|
| THE COMPANY | |||||
| Land & Buildings |
Furniture & Other Equipment |
Tangible Assets under construction |
Intangible Assets |
Total | |
| Acquisition Cost | |||||
| Book Value on January 1st 2009 | 38.524 | 18.189 | 108 | 4.499 | 61.320 |
| Additions | 2.847 | 971 | 178 | 276 | 4.271 |
| Reductions | -77 | -101 | 0 | 0 | -178 |
| Transfers | -984 | 116 | -154 | 1.022 | 0 |
| Book value on December 31st 2009 | 40.310 | 19.175 | 132 | 5.796 | 65.413 |
| Depreciation | |||||
| Book Value on January 1st 2009 | -6.422 | -9.638 | 0 | -3.779 | -19.839 |
| Additions | -2.322 | -2.436 | 0 | -560 | -5.318 |
| Reductions | 7 | 80 | 0 | 0 | 88 |
| Transfers | 3 | 0 | 0 | -3 | 0 |
| Book value on December 31st 2009 | -8.734 | -11.994 | 0 | -4.342 | -25.070 |
| Remaining value on December 31st 2009 | 31.576 | 7.181 | 132 | 1.455 | 40.344 |
| Remaining value on December 31st 2009 | 32.102 | 8.550 | 108 | 721 | 41.481 |
| Tangible & Intangible Assets | |||||
|---|---|---|---|---|---|
| THE GROUP | |||||
| Land & Buildings |
Furniture & Other Equipment |
Tangible Assets under construction |
Intangible Assets |
Total | |
| Acquisition Cost | |||||
| Book Value on January 1st 2008 | 18.765 | 10.570 | 10.069 | 4.002 | 43.405 |
| Additions | 4.515 | 5.940 | 8.544 | 508 | 19.508 |
| Reductions | (1.235) | (371) | 0 | (11) | (1.616) |
| Transfers | 16.479 | 2.050 | (18.505) | 0 | 24 |
| Book value on December 31st 2008 | 38.524 | 18.189 | 108 | 4.499 | 61.320 |
| Depreciation | |||||
| Book Value on January 1st 2008 | (5.672) | (8.001) | 0 | (3.600) (17.272) | |
| Additions | (1.487) | (1.936) | 0 | (190) | (3.613) |
| Reductions | 737 | 298 | 0 | 11 | 1.046 |
| Transfers | 0 | 0 | 0 | 0 | 0 |
| Book value on December 31st 2008 | (6.422) | (9.638) | 0 | (3.779) (19.839) | |
| Remaining value on December 31st 2008 | 32.102 | 8.550 | 108 | 721 | 41.481 |
| Remaining value on December 31st 2007 | 13.093 | 2.569 | 10.069 | 402 | 26.133 |
There are no mortgages or collateral on the tangible fixed assets of the Group and the Company. Intangible assets include mainly bought software and licenses for software (SAP R3, BW, CRM etc.).
The total acquisition of fixed assets of the Group and the Company for the 12M 2009 amount to 4.286 thousand € and 4.271 thousand € respectively.
The company has reevaluated the value of its fixed assets according to law2065/1992, only in its tax base, since the company applies IFRS and observes the rules of the IFRS (Ministry of Economics 117/29.12.2009).
Participation in subsidiaries is the participation of the parent company PLAISIO COMPUTERS S.A. in the share capital of the fully consolidated PLAISIO COMPUTERS JSC. The percentage of participation of the parent company is 100% and no minority rights arise. In the company's financial statements the participation in subsidiaries is displayed in cost. In the consolidated financial statements participation in subsidiaries is omitted. The value of participation in subsidiaries on December 31st 2009 and December 31st 2008 was:
| Participation of parent company in subsidiaries |
31/12/2009 | 31/12/2008 |
|---|---|---|
| PLAISIO COMPUTERS JSC | 3.222 | 1.057 |
| PARTICIPATION IN AFFILIATED COMPANIES |
THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| 31/12/2009 | 31/12/2008 | 31/12/2009 | 31/12/2008 | |
| PLAISIO Estate S.A. | 1.430 | 1.397 | 1.087 | 1.097 |
| ELNOUS S.A. | 10 | 14 | 282 | 282 |
| PLAISIO Estate J.S.C. | 238 | 238 | 212 | 212 |
| 1.678 | 1.648 | 1.581 | 1.581 | |
| Minus: Provision for devaluation (ELNOUS) |
0 | 0 | (282) | (281) |
| 1.678 | 1.648 | 1.299 | 1.300 |
The participation in affiliated companies on December 31st 2009 and December 31st 2008 is analyzed as follows:
The participation in affiliated companies is presented at cost in the Company's financial statemen
According to the Minutes of the Board of Directors of the 25th of June 2008of the company Elnous, it was decided to start the procedure for its liquidation
In the Group's financial statements the affiliates are consolidated using the net equity method, in accordance with IAS 28. The participation of the Company in affiliates on December 31st 2009 is analyzed as follows:
| Participation percentage | Country of incorporation |
Activity | |
|---|---|---|---|
| PLAISIO Estate S.A. | 20% | Greece | Real estate |
| ELNOUS S.A. | 24% | Greece | Educational services |
| PLAISIO Estate J.S.C. | 20% | Bulgaria | Real estate |
Other investments consist of portfolio investments in companies not listed in organized stock markets. According to IAS 32 and 39, these investments are displayed in the financial statements at their cost of acquisition less any provision for devaluation. Other long-term investments on December 31st 2009 are analyzed as follows:
| OTHER LONG-TERM INVESTMENTS |
THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| 31/12/2009 | 31/12/2008 | 31/12/2009 | 31/12/2008 | |
| High-tech Park Acropolis Athens S.A. High-tech Park Technopolis |
411 | 411 | 411 | 411 |
| Thessalonica S.A. Interaction Connect S.A. |
19 12 |
19 12 |
19 12 |
19 12 |
| 442 | 442 | 442 | 442 |
The participation of the company in the above companies on December 31st 2009 was:
| Percentage of Participation |
Country of Incorporation |
|
|---|---|---|
| High-tech Park Acropolis Athens S.A. High-tech Park Technopolis Thessalonica |
3,23% | Greece |
| S.A. | 2,24% | Greece |
| Interaction Connect S.A. | 12,5% | Luxembourg |
Other non-current assets include long-term guarantees and receivables that are going to be collected after the end of the following period. In particular, other non-current assets on December 31st 2009 are analyzed as follows:
| Other non-current assets | THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| 31/12/2009 | 31/12/2008 | 31/12/2009 | 31/12/2008 | |
| Long-term guarantees Other non-current receivables |
735 0 |
735 0 |
735 0 |
735 0 |
| 735 | 735 | 735 | 735 |
The Group and Company's inventories on December 31st 2009 are analyzed as follows:
| Inventories | THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| 31/12/2009 | 31/12/2008 | 31/12/2009 | 31/12/2008 | |
| Inventories of merchandise | 62.184 | 53.904 | 61.004 | 52.372 |
| Inventories of finished products | 9 | 30 | 9 | 30 |
| Inventories of raw materials | 14 | 114 | 14 | 114 |
| Inventories of consumables | 514 | 1.797 | 514 | 1.797 |
| Down payments to vendors | 1.707 | 4.657 | 1.707 | 4.657 |
| 64.428 | 60.502 | 63.248 | 58.970 | |
| Minus: Provision for devaluation | (4.923) | (4.932) | (4.865) | (4.870) |
| Net realizable value of inventories | 59.504 | 55.570 | 58.383 | 54.100 |
The provision for devaluation of inventories refers to slow-moving stock and technologically depreciated stock to be destroyed. In 2009, the results of the Group and the Company have reversed their provision by a provision for devaluation of stock in the net realizable value of 9 thousand € and 5 thousand € respectively. This provision is re-evaluated at every date of the balance sheet, since the company trades high technology products and the risk of obsolescence is high.
The Group and Company's trade and other receivables on December 31st 2009 are analyzed as follows:
| Trade and other receivables | THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| 31/12/2009 | 31/12/2008 | 31/12/2009 | 31/12/2008 | |
| Receivables from customers | 42.036 | 36.229 | 41.655 | 35.894 |
| Cheques and bills receivables | 5.058 | 6.381 | 5.058 | 6.381 |
| Minus: Impairment | -1.990 | -1.927 | -1.930 | -1.909 |
| Net Receivables customers | 45.104 | 40.683 | 44.783 | 40.367 |
| Receivables from subsidiaries | 0 | 0 | 997 | 3.067 |
| Receivables from acossiates | 7 | 7 | 7 | 7 |
| Total | 45.111 | 40.691 | 45.787 | 43.442 |
|---|---|---|---|---|
| ------- | -------- | -------- | -------- | -------- |
All the above receivables are short-term and there is no need to discount them at the date of the balance sheet.
The changes in provisions of bad-debts are as follows:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | |
| Balance at 1 January | 1.927 | 1.093 | 1.908 | 1.054 |
| Additional provision | 63 | 844 | 22 | 853 |
| Balance at 31 December | 1.990 | 1.927 | 1.930 | 1.908 |
The above mentioned bad debt provision includes specific and general bad debt provision. The receivables from subsidiaries and from the public sector are omitted in the formation of the bad debt provision as it is estimated that there is no danger of non-collecting the receivables from the customers of these categories. In 2009, the results of the Group and the Company have been aggravated by a provision for bad debt of 63 thousand € and 22 thousand € respectively.
The receivables from customers will become overdue as follows:
| 2009 | 2008 | |||||
|---|---|---|---|---|---|---|
| THE COMPANY | Receivables before Impairment |
Impairment | Receivables after impairment |
Receivables before impairment |
impairment | Receivables after impairment |
| Receivables from subsidiaries | 997 | 0 | 997 | 3.067 | 0 | 3.067 |
| Receivables from associates | 7 | 0 | 7 | 7 | 0 | 7 |
| Not delayed | 35.027 | 0 | 35.027 | 29.394 | 0 | 29.394 |
| Delayed 1 -90 days | 6.528 | -180 | 6.348 | 7.502 | -238 | 7.264 |
| Delayed 91 - 180 days | 1.321 | -500 | 821 | 2.012 | -725 | 1.287 |
| Delayed 181 + days | 3.837 | -1.250 | 2.587 | 3.367 | -945 | 2.422 |
| Total | 47.717 | -1.930 | 45.787 | 45.349 | -1.908 | 43.442 |
| 2009 | 2008 | |||||
|---|---|---|---|---|---|---|
| THE GROUP | Receivables before impairment |
impairment | Receivables after impairment |
Receivables before impairment |
impairment | Receivables after impairment |
| Receivables from associates | 7 | 0 | 7 | 7 | 0 | 7 |
| Not delayed | 35.339 | 0 | 35.339 | 29.690 | 0 | 29.690 |
| Delayed 1 -90 days | 6.538 | -182 | 6.356 | 7.537 | -238 | 7.299 |
| Delayed 91 - 180 days | 1.327 | -503 | 824 | 2.017 | -725 | 1.292 |
| Delayed 181 + days | 3.890 | -1.305 | 2.585 | 3.367 | -964 | 2.403 |
| Total | 47.101 | -1.990 | 45.111 | 42.618 | -1.927 | 40.691 |
The other short-term receivables of the Group and of the Company are analyzed as follows:
| Other short-term receivables | THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| 31/12/2009 31/12/2008 |
31/12/2009 | 31/12/2008 | ||
| Income tax assets | 0 | 981 | 0 | 981 |
| Deferred expenses | 226 | 325 | 214 | 312 |
| Other short-term receivables | 2.191 | 4.826 | 2.158 | 4.806 |
| 2.417 | 6.133 | 2.372 | 6.099 |
All the above receivables are short-term and there is no need to discount them at the date of the balance sheet.
The receivables from the public refer to withheld taxes, as well as to the debit balance of the account "Income Tax", whole other receivables refer to down payments, accommodation money to personnel and purchase discounts. In Other Receivables of 31.12.2008 a receivable from insurance companies is included amounting to 1.402 th. Euro. This receivable stemmed from the total destruction (inventory and fixed assets) of the store in Stournari. In the fourth quarter if 2009 the company collected the reimbursement which amounted to 3.600 th. euro. From the total amount of the reimbursement collected, 1.402 matched the receivable that was formed in the Financial Statements of 31.12.2008, while 2.200 th. euro affected as other income the results of the current period.
The Financial Assets of this category include investments of the Company in the Greek Postal Savings Bank. The valuation of the shares of the Greek Postal Savings Bank was at fair value and more specifically at their closing price at the Athens Stock Exchange on December 31st 2009 which was date of the Balance Sheet. The Company sold these financial assets during 2009.
| Financial Assets Valuated at fair value through the Profit & Loss Statement |
THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| 31/12/2009 | 31/12/2008 | 31/12/2009 | 31/12/2008 | |
| Balance at the beginning of the | ||||
| period | 0 | 6 | 0 | 6 |
| Additions | 0 | 0 | 0 | 0 |
| Sales | 0 | (6) | 0 | (6) |
| Revaluations of fair value | 0 | 0 | 0 | 0 |
| Balance at the end of the period | 0 | 0 | 0 | 0 |
Cash and cash equivalents represent cash in the cash register of the Group and the Company as well as time deposits available on first demand. Their analysis on December 31st 2009 and December 31st 2008 respectively was:
| Cash and cash equivalents | THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| 31/12/2009 | 31/12/2008 | 31/12/2009 | 31/12/2008 | |
| Cash in hand Short-term bank deposits Short-term bank time deposits |
1.959 7.997 0 |
2.009 6.588 8 |
1.899 7.553 0 |
1.923 6.228 0 |
| Total | 9.956 | 8.606 | 9.452 | 8.151 |
The company on December 31st 2009 did not have any short term bank deposits. The above mentioned are presented in the cash flow statement.
The Bank balances are deposited over 50% in four Banks, but no financial risk is recognized because of the high rating of the Banks.
The credit risk according to S&P rating list is presented below:
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| Bank | S&P Rating | 31.12.2009 | 31.12.2008 | 31.12.2009 | 31.12.2008 |
| NBG | A-2 | 1.373 | 1.010 | 1.373 | 1.010 |
| EFG Eurobank Ergasias | A-2 | 2.444 | 2.101 | 2.444 | 2.085 |
| Alpha Bank | A-2 | 783 | 629 | 783 | 606 |
| Marfin Egnatia Bank | A-2 | 94 | 18 | 94 | 18 |
| Commercial Bank | A-1 | 160 | 22 | 160 | 21 |
| Pireus Bank | A-2 | 748 | 77 | 748 | 54 |
| Citibank | Α-1 | 360 | 802 | 360 | 802 |
| N/A | 2.035 | 1.929 | 1.591 | 1.642 | |
| 7.997 | 6.588 | 7.553 | 6.228 |
The share capital of the company is analyzed as follows:
| Number of shares |
Par Value | Share capital |
Above par | Total | |
|---|---|---|---|---|---|
| st of January 1 2009 |
22.080.000 | 0,32 | 7.065.600 | 11.961.185 | 19.026.785 |
| 31st of December 2009 |
22.080.000 | 0,32 | 7.065.600 | 11.961.185 | 19.026.785 |
The company's share capital consists of twenty-two million eighty thousand ordinary shares with a par value of thirty-two cents (0,32 €) each. All issued shares are traded at the Athens Stock Exchange.
| Legal Reserves |
Special Reserve |
Tax-free Reserve |
Hedging reserve |
Total | |
|---|---|---|---|---|---|
| THE GROUP | |||||
| January 1st 2008 | 2.707 | 20.159 | 406 | 0 | 23.272 |
| Changes during the year | 513 | 0 | 0 | - | 513 |
| Other | - | - | - | -213 | -213 |
| December 31st 2008 | 3.220 | 20.159 | 406 | -213 | 23.572 |
| January 1st 2009 | 3.220 | 20.159 | 406 | -213 | 23.572 |
| Changes during the year Other |
210 - |
0 - |
0 - |
- -74 |
210 -74 |
| December 31st 2009 | 3.430 | 20.159 | 406 | -287 | 23.707 |
| THE COMPANY | Legal Reserves |
Special Reserve |
Tax-free Reserve |
Hedging reserve |
Total |
|---|---|---|---|---|---|
| January 1st 2008 | 2.707 | 20.159 | 406 | 0 | 23.272 |
| Changes during the year | 513 | 0 | 0 | - | 513 |
| Other | - | - | - | -213 | -213 |
| December 31st 2008 | 3.220 | 20.159 | 406 | -213 | 23.572 |
| January 1st 2009 | 3.220 | 20.159 | 406 | -213 | 23.572 |
| Changes during the year | 210 | 0 | 0 | - | 210 |
| Other | - | - | - | -74 | -74 |
| December 31st 2009 | 3.430 | 20.159 | 406 | -287 | 23.707 |
A legal reserve is created under the provisions of Greek law (Law 2190/20, articles 44 and 45) according to
which, an amount of at least 5% of the profit (after tax) for the year must be transferred to the reserve until it reaches one third of the paid share capital. The legal reserve can only be used, after approval of the Annual General meeting of the shareholders, to offset retained losses and therefore can not be used for any other purpose.
The special reserve includes a reserve that was created following a decision of the Annual General meeting in prior periods. This reserve was not created for any specific purpose and can therefore be used for any reason following approval from the Annual General meeting. These reserves also include reserves which were created under the provisions of Greek law.
Tax-free and special taxed reserves are created under the provisions of tax law from tax free profits or from income or profits taxed under special provisions. The above-mentioned reserves can be capitalised or distributed, after the approval of the Annual General meeting, after taking into consideration the restrictions which will apply at each time.
The above-mentioned reserves represent the fair value surplus of the cash flow hedging derivative at fair value in the amount of (€ 286.824) (net of deferred tax € 90.576).
| Loans | THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| 31.12.2009 | 31.12.2008 | 31.12.2009 | 31.12.2008 | |
| Long Term Loans | ||||
| Bank Loans | 0 | 0 | 0 | 0 |
| Bond Loans | 23.141 | 11.783 | 23.141 | 11.783 |
| Total Long Term Loans | 23.141 | 11.783 | 23.141 | 11.783 |
| Short Term Loans | ||||
| Bank Loans | 3.117 | 17.346 | 3.117 | 17.346 |
| Bond Loans | 643 | 643 | 643 | 643 |
| Total Short Term Loans | 3.760 | 17.989 | 3.760 | 17.989 |
| Total | 26.901 | 29.772 | 26.901 | 29.772 |
| The movements in borrowings are as follows: | THE GROUP | THE COMPANY |
|---|---|---|
| Balance 01/01/2008 | 12.935 | 12.935 |
| Bond Loans | 26.346 | 26.346 |
| Borrowings repayments | 0 | 0 |
| Borrowings repayments | -9.509 | -9.509 |
| Balance 31/12/2008 | 29.772 | 29.772 |
| Balance 01/01/2009 | 29.772 | 29.772 |
| Bond Loans | 0 | 0 |
| Borrowings repayments | 12.000 | 12.000 |
| Borrowings repayments | -14.872 | -14.872 |
| Balance 31/12/2009 | 26.901 | 26.901 |
| Expiring dates of Long Term Loans | THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| 31.12.2009 | 31.12.2008 | 31.12.2009 | 31.12.2008 | |
| Between 1 and 2 years | 1.242 | 643 | 1.242 | 643 |
| Between 2 and 5 years | 16.253 | 7.928 | 16.253 | 7.928 |
| Over 5 years | 5.645 | 3.213 | 5.645 | 3.213 |
| 23.141 | 11.783 | 23.141 | 11.783 |
The long term bank loans that appear in the financial statements of the Group and of the Company refer to:
The weighted interest rate is to 3,82%, the remaining open line concerning the short-term loans comes up to 39,9 m. €.
The long term Bond loan of € 5.783 th. which the company has with NBG has the three following financial covenants of the company's financial statements:
a) Total Borrowings (-) Cash& Cash equivalents over EBITDA to be throughout the Bond Loan less or equal to 4,50.
b) The sum of Short term and Long term Liabilities to the Total equity to be throughout the Bond Loan less or equal to 2,75.
c) EBITDA over Financial Expense Minus Financial Income to be throughout the Bond Loan greater or equal to 3,50.
For the long term bond loans of 6.000 th. with την Alpha Bank has the three following financial covenants of the company's financial statements:
a) Total Borrowings (-) Cash& Cash equivalents over EBITDA to be throughout the Bond Loan less or equal to 4,50.
b) The sum of Short term and Long term Liabilities to the Total equity to be throughout the Bond Loan less or equal to 2,75.
c) EBITDA over Financial Expense Minus Financial Income to be throughout the Bond Loan greater or equal to 3,50.
For the long term bond loans of 12.000 th. with Eurobank has the three following financial covenants of the consolidated financial statements which are evaluated at the half year and end of the year financial statements:
a) Total Borrowings (-) Cash& Cash equivalents over EBITDA to be throughout the Bond Loan less or equal to 4,50.
b) The sum of Short term and Long term Liabilities to the Total equity to be throughout the Bond Loan less or equal to 2,75.
c) EBITDA over Financial Expense Minus Financial Income to be throughout the Bond Loan greater or equal to 3,50.
On 31/12/2009 and 31/12/2008 the Company has complied to the above mentioned covenants of the company's financial statements.
Based on the current tax law, for the period 2009 and on, the tax rate will be 25%. For the relevant periods the tax rate in Bulgaria is 10%. According to the above tax rates, the deferred income tax is analyzed as follows:
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| 31.12.2009 31.12.2008 |
31.12.2009 | 31.12.2008 | |||
| Differed tax liabilities | 634 | 497 | 634 | 497 | |
| Differed tax assets | 2.377 | 2.187 | 2.298 | 2.113 | |
| 1.743 | 1.690 | 1.664 | 1.616 |
The change in the differed tax liablilities and differed tax assets
| THE GROUP | ||
|---|---|---|
| 1-Jan-08 | Difference in depreciation 729 |
Total 729 |
| Debit/(Credit) in the P&L Statement | -232 | -232 |
| 31-Dec-08 | 497 | 497 |
| 1-Jan-09 | 497 | 497 |
| Debit/(Credit) in the P&L Statement | 136 | 136 |
| 31-Dec-09 | 634 | 634 |
| THE COMPANY | |||
|---|---|---|---|
| 1-Jan-08 | Difference in depreciation 729 |
Total 729 |
|
| Debit/(Credit) in the P&L Statement | -232 | -232 | |
| 31-Dec-08 1-Jan-09 |
497 497 |
497 497 |
|
| Debit/(Credit) in the P&L Statement | 136 | 136 | |
| 31-Dec-09 | 634 | 634 |
| THE GROUP | |||||||
|---|---|---|---|---|---|---|---|
| Provision for Receivables |
Provision for personnel compensation |
Provision for devaluation of stock |
Other Provisions |
Tax Losses |
Financial Derivative | Total | |
| 1-Jan-08 (Debit)/Credit in the P&L |
271 | 92 | 913 | 352 | 61 | 0 | 1.689 |
| Statement | 214 | -4 | 310 | -93 | 0 | 0 | 427 |
| Credit in Equity | - | - | - | - | - | 71 | 71 |
| 31-Dec-08 | 485 | 88 | 1.223 | 259 | 61 | 71 | 2.187 |
| 1-Jan-09 (Debit)/Credit in the P&L |
485 | 88 | 1.223 | 259 | 61 | 71 | 2.187 |
| Statement | 153 | 7 | -50 | 60 | 0 | 0 | 170 |
| Credit in Equity | - | - | - | - | - | 20 | 20 |
| 31-Dec-09 | 638 | 95 | 1.173 | 319 | 61 | 91 | 2.377 |
| THE COMPANY | |||||||
|---|---|---|---|---|---|---|---|
| Provision for Receivables |
Provision for personnel compensation |
Provision for devaluation of stock |
Other Provisions |
Tax Losses |
Financial Derivative | Total | |
| 1-Jan-08 (Debit)/Credit in |
263 | 92 | 908 | 352 | 0 | 0 | 1.689 |
| the P&L Statement |
214 | -4 | 310 | -93 | 0 | 0 | 427 |
| Credit in Equity | - | - | - | - | - | 71 | 71 |
| 31-Dec-08 | 477 | 88 | 1.218 | 259 | 0 | 71 | 2.187 |
| 1-Jan-09 (Debit)/Credit in the P&L |
77 | 88 | 1.218 | 259 | 0 | 71 | 2.187 |
| Statement | 148 | 7 | -50 | 60 | 0 | 0 | 170 |
| Credit in Equity | - | - | - | - | - | 20 | 20 |
| 31-Dec-09 | 625 | 95 | 1.168 | 319 | 0 | 91 | 2.377 |
The company, for the period 2009, had an independent actuarial study done on personnel compensation. The provision for pensions and similar commitments for the first 12month period of 2009, based on the aforementioned studies was:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| Provision for personnel compensation |
2009 | 2008 | 2009 | 2008 |
| Opening Balance Additional provision for the |
441 | 370 | 441 | 370 |
| period | 37 | 71 | 37 | 71 |
| Minus: reversed provisions | 0 | 0 | 0 | 0 |
| Closing Balance | 477 | 441 | 477 | 441 |
The main actuarial principals used were:
| THE GROUP THE COMPANY |
||||
|---|---|---|---|---|
| Main actuarial principals | 31.12.2009 | 31.12.2008 | 31.12.2009 | 31.12.2008 |
| Discount rate | 4,50% | 4,80% | 4,50% | 4,80% |
| Rate of compensation | ||||
| increase Average future working life |
4% | 4% | 4% | 4% |
| 1,04 years | 1,04 years | 1,04 years | 1,04 years |
According to IAS 19, the interest rate used for the calculation of present values of pension and similar commitments has to be determined based on the current performance of high quality corporate bonds. Thus, taking into consideration the interest rate curve at the date the estimate was formed (31/12/2009) and the estimated time of payment of benefits, it was estimated that the weighted average interest rate was 4,5%.
The balances of accounts of provisions for the Group and the Company on December 31st 2009 are analyzed respectively as follows:
| PROVISIONS | THE GROUP | THE COMPANY | |||
|---|---|---|---|---|---|
| Note | 31/12/2009 | 31/12/2008 | 31/12/2009 | 31/12/2008 | |
| Long-term provisions Provision for un-audited tax periods Provision for bringing the stores in their primary |
(a) (b) |
1.126 | 844 | 1.126 | 844 |
| condition according to the lease contracts |
142 | 140 | 142 | 140 |
| Total long-term provisions |
1.268 | 988 | 1.268 | 988 | |
|---|---|---|---|---|---|
| Short-term provisions Provision for computer guarantees |
(c) | 519 | 512 | 519 | 512 |
| Total short-term provisions |
519 | 512 | 519 | 512 |
(a). The Company had formed a provision of € 1.126 thousand, in order to cover the event of additional taxes in case of audit from the tax authorities for the unaudited periods (aggrevation for the period 282 th. euro). Concerning the other companies of the group, no such provision has been formed on the basis that any extra burden will be non-material. The unaudited tax periods are presented in note 25.
(b). The Company has formed a provision for restoring the stores in their primary condition according to the lease contracts.
(c). The Company has formed provision of total amount of € 519 thousand for computer guarantees given to its customers. The provision is revaluated at the end of each fiscal year.
| SUPPLIERS AND RELATED | |
|---|---|
| Suppliers and related short-term liabilities on December 31st 2009 are analyzed as follows: |
| SUPPLIERS AND RELATED SHORT-TERM LIABILITIES |
THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| 31/12/2009 | 31/12/2008 | 31/12/2009 | 31/12/2008 | |
| Trade payables | 67.576 | 60.058 | 67.430 | 59.891 |
| Advance payments | 2.370 | 1.802 | 2.331 | 1.802 |
| Dividends payable | 183 | 183 | 183 | 183 |
| Liabilities to insurance companies | 1.489 | 1.590 | 1.489 | 1.590 |
| Other short-term liabilities | 5.173 | 9.448 | 5.173 | 9.392 |
| Financial Derivative | 377 | 284 | 377 | 284 |
| 77.168 | 73.365 | 76.942 | 73.142 |
All the aforementioned liabilities are short-term and there is no need to be discounted at the date of the balance Sheet. The financial derivative regards an Interest Rate Swap. The nominal value of the related contract was 6.000 euro and was valuated for 31.12.2009 from the bank.
The amount of 377 th. euro appears as a liability ( reserve of valuation 287 th euro, deffered tax asset 91 th euro). The aggrevation of the period 01.01.2009 – 31.12.2009 comes up to 74 th euro, which is depicted in the Statement of Comprehensive Income and Statement of changes in Net Equity.
| OTHER INCOME | THE GROUP | THE COMPANY | |||
|---|---|---|---|---|---|
| 01/01- | 01/01- | 01/01- | 01/01- | ||
| 31/12/2009 | 31/12/2008 | 31/12/2009 | 31/12/2008 | ||
| Sales of waste material | 134 | 27 | 134 | 27 | |
| Other income | 74 | 260 | 70 | 259 |
| Reimbursements and other grants | 2.272 | 0 | 2.272 | 0 |
|---|---|---|---|---|
| 2.480 | 286 | 2.476 | 286 |
In other Income of 2009 an amount of 2.200 th euro is included. The reimbursement collected amounts to 3.600.000, 00€, refers to the material damages (damages to the building, inventory and equipment) as well as business interruption reimbursement. From the total amount, amount of 1.402.850, 47€ will write off the receivable from the insurance consortium (already formed in the Financial Statements of 31.12.2008) for the material damages, while the remaining amount of 2.197.149, 53€ will affect as other income the results of the period. As a result the profitability of the company, which during 2009 was affected from the non operation of the store of Stournari, is bettered in the last quarter of the period.
The income tax expense comes from the deduction of the profits after tax of the non deductible expenses tat are not recognized from the tax authorities. These expenses are recalculated at each Balance Sheet date. The effective income tax rate is greater than the nominal , since the taxable profits are greater.
Based on the recent changes in the tax law, the income tax rates for the years 2010 to 2014 decrease gradually from 24% to 20%. The Group and the Company taking into consideration the new tax rates and according to IAS 12.46, have adjusted differed tax by 58 th euro approximately and 19 th euro respectively, recognizing the difference as income nd expense in the P&L.
| INCOME TAX EXPENSE | THE GROUP | THE COMPANY | |||
|---|---|---|---|---|---|
| 31/12/2009 | 31/12/2008 | 31/12/2009 | 31/12/2008 | ||
| Income tax expense Deferred income tax Tax Audit Differences Provision for un-audited tax periods |
2.244 (35) 0 282 |
2.105 (658) 0 282 |
2.244 (30) 0 282 |
2.105 (657) 0 282 |
|
| 2.914 | 1.729 | 2.918 | 1.730 |
According to Presidential Decree 1156 of the law 3808/2009 and based on the note we received from the tax authorities, the company shows in its tax liabilities an amount of 422 th euro that refers to an extraordinary tax. The amount is posted in the Statement of Comprehensive Income under the Income Tax of the period.
The intra-company transactions can be analyzed as follows:
| Intra-company purchases | ||||||||
|---|---|---|---|---|---|---|---|---|
| Intra-company sales | PLAISIO COMPUTERS S.A. |
PLAISIO Estate S.A. |
ELNOUS S.A. |
PLAISIO COMPUTERS J.S.C. |
PLAISIO Estate J.S.C. |
Total | ||
| PLAISIO COMPUTERS S.A. | - | 6 | 0 | 4.197 | 0 4.203 | |||
| PLAISIO Estate S.A. | 1.443 | - | 0 | 0 | 0 1.443 | |||
| ELNOUS S.A. | 0 | 0 | - | 0 | 0 | 0 | ||
| PLAISIO COMPUTERS J.S.C. | 0 | 0 | 0 | - | 0 | 0 | ||
| PLAISIO Estate JSC | 0 | 0 | 0 | 155 | - | 155 |
Total 1.443 6 0 4.352 0 5.801
| Intra-company purchases | ||||||||
|---|---|---|---|---|---|---|---|---|
| Intra-company sales | PLAISIO COMPUTERS S.A. |
PLAISIO Estate S.A. |
ELNOUS S.A. |
PLAISIO COMPUTERS J.S.C. |
PLAISIO Estate J.S.C. |
Total | ||
| PLAISIO COMPUTERS S.A. | - | 6 | 0 | 5.254 | 0 | 5.260 | ||
| PLAISIO Estate S.A. | 1.379 | - | 0 | 0 | 0 | 1.379 | ||
| ELNOUS S.A. | 7 | 0 | - | 0 | 0 | 7 | ||
| PLAISIO COMPUTERS J.S.C. | 77 | 0 | 0 | - | 0 | 77 | ||
| PLAISIO Estate JSC | 0 | 0 | 0 | 152 | - | 152 | ||
| Total | 1.463 | 6 | 0 | 5.406 | 0 | 6.875 |
| Intra-company liabilities | |||||||
|---|---|---|---|---|---|---|---|
| Intra-company receivables | PLAISIO COMPUTERS S.A. |
PLAISIO Estate S.A. |
ELNOUS S.A. |
PLAISIO COMPUTERS J.S.C. |
PLAISIO Estate J.S.C. |
Total | |
| PLAISIO COMPUTERS S.A. | - | 7 | 0 | 997 | 0 | 1.004 | |
| PLAISIO Estate S.A. | 150 | - 0 |
0 | 0 | 150 | ||
| ELNOUS S.A. | 0 | 0 | - | 0 | 0 | 0 | |
| PLAISIO COMPUTERS J.S.C. | 0 | 0 | 0 | - | 0 | 0 | |
| PLAISIO Estate JSC | 0 | 0 | 0 | 0 | - | 0 | |
| Total | 150 | 7 | 0 | 997 | 0 | 1.154 |
| Intra-company liabilities | |||||||
|---|---|---|---|---|---|---|---|
| Intra-company receivables | PLAISIO COMPUTERS S.A. |
PLAISIO Estate S.A. |
ELNOUS S.A. |
PLAISIO COMPUTERS J.S.C. |
PLAISIO Estate J.S.C. |
Total | |
| PLAISIO COMPUTERS S.A. | - | 7 | 0 | 3.067 | 0 | 3.074 | |
| PLAISIO Estate S.A. | 145 | - | 0 | 0 | 0 | 145 | |
| ELNOUS S.A. | 0 | 0 | - | 0 | 0 | 0 | |
| PLAISIO COMPUTERS J.S.C. | 0 | 0 | 0 | - | 0 | 0 | |
| PLAISIO Estate JSC | 0 | 0 | 0 | 0 | - | 0 | |
| Total | 145 | 7 | 0 | 3.067 | 0 | 3.219 |
In the consolidated financial statements all the necessary eliminations have been made.
The transactions with the members of the Board of Directors and the Management from the beginning of the period are analyzed as follows:
| Transactions with members of the Board of Directors and Key Managers |
01/01 – 31/12/2009 | |
|---|---|---|
| The Group | The company |
|
| Transactions with members of the Board of Directors and Key Managers | 824 | 824 |
| Claims to members of the Board of Directors and Key Managers | 16 | 16 |
| Liabilities to members of the Board of Directors and Key Managers | 0 | 0 |
| 840 | 840 |
| Transactions with members of the Board of Directors and Key Managers |
01/01 – 31/12/2008 | |
|---|---|---|
| The Group | The | |
| company | ||
| Transactions with members of the Board of Directors and Key Managers | 785 | 785 |
| Claims to members of the Board of Directors and Key Managers | 28 | 28 |
| Liabilities to members of the Board of Directors and Key Managers | 0 | 0 |
| 813 | 813 |
There are no litigations or other forms of commitments for the fixed assets of the companies of the Group. The un-audited tax periods of the companies of the Group are presented as follows:
| Company | Un-audited tax periods |
|---|---|
| PLAISIO COMPUTERS S.A. | 2006–2009 |
| PLAISIO COMPUTERS J.S.C. | 2004-2009 |
| PLAISIO Estate JSC | 2004-2009 |
| PLAISIO Estate SA | 2007–2009 |
| ELNOUS SA | - |
The relevant provisions are presented in note 20. There is a tax audit for 2006, 2007, 2008 in progress.
The Group leases buildings and means of transportation via leasehold contracts. The future obligations that stem from these leases are presented below:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 31.12.2009 | 31.12.2008 | 31.12.2009 | 31.12.2008 | |
| Up to 1 year | 5.089 | 5.386 | 4.934 | 5.231 |
| 2-5 years | 15.239 | 16.909 | 14.619 | 16.289 |
| Over 5 years | 15.488 | 17.836 | 13.763 | 16.131 |
| 35.816 | 40.131 | 33.316 | 37.651 |
Profit per share is calculated with the weighted average of the issued shares of the company on December 31st 2009, which were 22.090.000 shares (December 31st 2009 – 22.090.000 shares).
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 31/12/2009 | 31/12/2008 | 31/12/2009 | 31/12/2008 | |
| Profit attributable to equity holders | ||||
| of the Company | 4.731 | 4.257 | 5.136 | 4.190 |
| No of shares | 22.080.000 | 22.080.000 | 22.080.000 | 22.080.000 |
| Basic earnings per share (€ per share) | 0,2143 | 0,1928 | 0,2326 | 0,1898 |
On January 26th 2010 the Board of Directors of PLAISIO COMPUTERS S.A. proposed the distribution of dividend of total value 2.649.600,00€ (0,12 € per share) from the profits of the fiscal year 2009, which is under the approval of the Annual General Shareholders' Meeting. According to IFRS, the aforementioned dividend is included in the Net Equity of the company on December 31st 2009, after the approval of the General Shareholders' Meeting; it will be transferred from the Net Equity to other short-term liabilities. The payment of the dividend for the fiscal year 2008 took place on June 2nd 2009. As a result, the net equity for 31st December 2008 includes the aforementioned dividend and the short-term liabilities of December 31st 2009 include the dividends of previous years that had not been collected by the shareholders.
The Group and the Company's employed personnel on December 31st 2009 were 1.281 and 1.223 employees respectively. On December 31st 2008 of the Group and the Company's employed personnel were 1.441 and 1.384 employees respectively.
1.4 There are no significant events that took place from the ending of this year and until the publication of the financial statements, with the exception of the following:
A. On January 19th 2010, the extra ordinary shareholder meeting took place in the headquarters of the company in Magoula Attica. Seven shareholders were present in person or via representative representing 77,64% of the share capital over 22.080.000 common shares. The following decisions were made:
The alteration and more specifically the enrichment of the purpose of the company so that it includes a broad spectrum of activities and thus altering article 4 of the Memorandum. The addition of these activities, according to the management's estimates will not affect significantly the financial position of the company and the issuing of an information memorandum is not necessary according to article 4.1.3.12 of the Athens Exchange Rulebook.
The completion of articles 18 and 19 of the Memorandum of the company, with the provision of special authority of the Board of Directors to assign for specific issues and categories of actions the authority to specific persons
B. The management of the company, as it was decide by the Board of Directors on January 25th 2010, decided the change of the accounting estimate referring to the useful life of the building in Magoula Attica, some tangible assets as well as a category of software that was included in intangible assets from 01.01.2010 on. The change of the estimate for the useful life is according to IAS8. The change in the estimate for the building from 30 to 50 years was based to a report
by an independent valuator of buildings. The company will disclose the impact on the financial statements for the period 01.01.2010 on, starting from the period 01.01.2010-31.03.2010.
& Managing Director
The Chairman of the BoD The Vice President The Chief Financial Officer
George Gerardos Konstantinos Gerardos Filippos Karagounis Α.∆.Τ. Ν 318959 Α.∆.Τ. AE632801 Α.∆.Τ. Π 706801
Note: These financial statements and notes on the financial statements have been translated to English from the original statutory notes that have been prepared in the Greek language. In the event that differences exist between this translation and the original Greek language financial statements, the Greek language financial statements will prevail over this document.
| PLAISIO COMPUTERS S.A. | |
|---|---|
| S.A. REG. No 16601/06/Β/88/13 | |
| REGISTERED ADDRESS: LOCATION SKLIRI, MAGOULA ATTICA | |
| Financial Data and Information from 01 January 2009 to 31 December 2009 | |
| (published according to article 135 of law 2190/20, for companies preparing annual financial statements, consolidated or not in accordance with the IFRS ) | |
| (Amounts in thousand €) | |
| The financial statements listed below aim to provide a general awareness about the financial results of PLAISIO COMPUTERS S.A. Consequently, it is recommended to the reader, before any investment decision or transaction performed with the Company, to visit the website of the company (www.plaisio.gr) where the annual | |
| fiancial statements are available along with the certified auditor's opinion. | |
| COMPANY'S PROFILE | |
| Supervising authority: Ministry of Development | |
| Company's web address: www.plaisio.gr |
Board of Director's composition: George K. Gerardos (B.O.D. President & Managing Director), Konstantinos G. Gerardos (B.O.D. Vice President), Ilias Klis (Member), George Ch. Liaskas (Member), Nikolaos K. Tsiros (Member), Anna Antiopi Maurou (Member)
Audit firm: BDO Protypos Hellenic Auditing S.A. (S.O.E.L. Reg. num. 111)
| Type of auditors' report: Unmodified opinion | ||
|---|---|---|
| STATEMENT OF FINANCIAL POSITION (consolidated and for the parent company) figures in th. € |
THE GROUP 31.12.2009 31.12.2008 |
THE COMPANY 31.12.2009 31.12.2008 |
| ASSETS | ||
| Owner Occupied tangible assets | 38.936 40.851 |
38.889 40.760 |
| Investment Property Intangible assets |
0 0 1.463 726 |
0 0 1.455 721 |
| Other non current assets | 4.643 4.514 |
7.406 5.147 |
| Inventories | 59.504 55.570 |
58.383 54.100 |
| Trade receivables Other current assets |
45.111 40.691 12.373 14.739 |
45.787 43.442 11.824 14.251 |
| TOTAL ASSETS | 162.030 157.091 |
163.743 158.421 |
| NET EQUITY & LIABILITIES | ||
| Share capital | 7.066 7.066 |
7.066 7.066 |
| Additional paid-in capital and reserves Total equity attributable to equity holders (a) |
44.320 42.313 51.386 49.379 |
46.421 44.009 53.487 51.075 |
| Minority rights (b) | 0 0 |
- - |
| Total equity (c) = (a) + (b) | 51.386 49.379 |
53.487 51.075 |
| Long term borrowings Provisions and other long term liabilities |
23.141 11.783 1.745 1.424 |
23.141 11.783 1.743 1.424 |
| Short term bank borrowings | 3.760 17.989 |
3.760 17.989 |
| Other short term liabilities | 81.998 76.516 |
81.614 76.150 |
| Total liabilities TOTAL NET EQUITY VALUE & LIABILITIES (e) = (a) + (d) |
110.644 107.712 |
110.258 107.346 |
| 162.030 157.091 |
163.743 158.421 |
|
| STATEMENT OF COMPREHENSIVE INCOME (consolidated and for the parent company) | THE GROUP | THE COMPANY |
| figures in th. € Turnover |
31.12.2009 31.12.2008 389.670 411.901 |
31.12.2009 31.12.2008 386.559 408.750 |
| Gross profit/(loss) | 69.141 74.935 |
67.933 73.479 |
| Profit/(loss) before taxes, financing and investing activities | 9.392 9.373 |
9.800 9.383 |
| Profit/(loss) before taxes | 7.645 5.987 |
8.055 5.920 |
| Profit/(loss) after taxes (Α) Owners of the parent |
4.731 4.257 4.731 4.257 |
5.136 4.190 5.136 4.190 |
| Minority rights | 0 0 |
- - |
| Other Comprehensive Income (B) | -74 -213 |
-74 -213 |
| Total Comprehensive Income (A) + (B) Distributed to: |
4.657 4.044 |
5.062 3.977 |
| Owners of the parent Minority rights |
4.657 4.044 0 0 |
5.062 3.977 |
| Earnings per share - basic (after taxes) in € | 0,2143 0,1928 |
0,2326 0,1898 |
| Proposed dividend per issued share (in €) | - - |
0,1200 0,1200 |
| Profit/(loss) before interest,taxes, depreciation and amortization | 13.055 19.627 |
15.118 12.995 |
| STATEMENT OF CHANGES IN EQUITY (consolidated and for the parent company) figures in th. € |
THE GROUP | THE COMPANY |
| 31.12.2009 31.12.2008 |
31.12.2009 31.12.2008 |
|
| Equity balance at the beginning of the year (01.01.2009 and 01.01.2008 respectively) | 49.378 51.958 |
51.074 53.721 |
| Total comprehensive income, after taxes | 4.657 4.045 |
5.062 3.977 |
| Dividend Payment Equity balance at the end of the year (31.12.2009 and 31.12.2008 respectively) |
-2.650 -6624 51.386 49.378 |
-2.650 -6.624 53.487 51.074 |
| CASH FLOW STATEMENT (consolidated and for the parent company) | ||
| figures in th. € | ||
| Cashflow Statement: Indirect Method | GROUP | THE COMPANY |
| Continuing Operations | Continuing Operations | |
| Operating Activities | 01.01-31.12.200901.01-31.12.2008 | 01.01-31.12.2009 01.01-31.12.2008 |
| Profits before taxes (continuing operations) | 7.645 5.987 |
8.055 5.920 |
| Plus/less adjustments for: | ||
| Depreciation/amortization Impairment of tangible and intangible assets |
5.374 3.683 0 32 |
5.318 3.613 0 32 |
| Provisions | 46 107 |
44 107 |
| Exchange differences | -98 109 |
-98 109 |
| Results (income, expenses, profit and loss) from investing activities | 44 375 |
92 502 |
| Finance Cost Plus/less adjustments for changes in working capital or related to operating activities: |
1.853 3.537 |
1.745 3.463 |
| Decrease/(increase) in inventories | -3.934 7.954 |
-4.283 8.259 |
| Decrease/(increase) in receivables | -749 -175 |
1.337 -667 |
| (Decrease)/increase in liabilities (except for banks) Less: |
3.934 -3.321 |
3.931 -3.664 |
| Interest paid | -2.839 -4.175 |
-2.803 -4.147 |
| Income tax paid | -975 -5.679 |
-1.010 -5.392 |
| Total inflows / (outflows) from operating activities (a) | 10.301 8.434 |
12.328 8.135 |
| Investing Activities Acquisition of subsidiaries, affiliated companies, joint-ventures and other investments |
0 0 |
-2.165 0 |
| Purchase of tangible and intangible fixed assets | -4.287 -19.244 |
-4.271 -19.238 |
| Proceeds from sales of tangible and intangible fixed assets and other investments | 0 0 |
0 0 |
| Interest Received | 783 651 |
854 698 |
| Dividends Received Total inflows / (outflows) from investing activities (b) |
76 57 -3.428 -18.536 |
76 57 -5.506 -18.483 |
| Financing Activities | ||
| Proceeds from issued loans | 12.000 26.346 |
12.000 26.346 |
| Repayments of borrowins Dividends Paid |
-14.872 -9.509 -2.650 -6.624 |
-14.872 -9.509 -2.650 -6.624 |
| Total inflows / (outflows) from financing activities (c) | -5.522 10.213 |
-5.522 10.213 |
| Net increase / (decrease) in cash and cash equivalents for the period (a) + (b) + (c) | 1.351 111 |
1.300 -135 |
| Cash and cash equivalents at the beginning of the period | 8.606 8.495 |
8.151 8.287 |
| Cash and cash equivalents at the end of the period | 9.957 8.606 0,00 0,00 |
9.451 8.152 0,00 0,00 |
Additional data and information:
1. There are neither liens nor forenotices on the company's and the group's fixed assets. 2. There are neither cases under dispute, litigation or arbitration nor any court decisions that are likely to have significant impact on the Company's financial statements. The amount of provision formed regarding cases under dispute, litigation or arbitration for the period ending 31 December 2009, stands for € 0 for the group as well as for the company. The unaudited tax years of the Company as well as the company's subsidiary and associates, are presented in detail in Note 27 to the financial statements. Thus, the cumulative amount of provision formed concerning unaudited tax years for Group and Company, accounted for € 1.126 th, whilst the total amount of provision formed stands for € 1.785 th. for the Group and 1.787 for the Company as presented in Note 21 to the financial statements ( Other Provisions: € 659 th. for Company & € 661 th. For Group, Provision for unaudited tax years: € 1.056 th. for Company & Group). On December 31st 2009 a tax audit for the years 2006, 2007 & 2008 was in progress. The audit has not been completed till the date of approval of financial statements by the Board of Directors. 3. The accounting principles adopted in the preparation and the presentation of the annual financial statements are consistent with the same accounting principles adopted for the financial statements of the Company and the Group for the year ended 31 December 2008. 4. Group companies along with their respective name, country of incorporation, % of interest held by the parent company as well as their accounting method of
incorporation in the consolidated financial statements of 31.12.2009, are presented in Note 5 to the financial statements. 5. The number of employees for the period ending 31 December 2009 stands for: Group: 1.281 employees (31 December 2008: 1.441). Company: 1.223 employees
(31 December 2008: 1.384). 6. The equivalent of the % Participation in the company Plaisio Computers JSC is 100% and as a result in the consolidated figures of the income statement, there are no minority interests,
7. The other comprehensive income after taxes refers to the valuation of a derivative financial instrument and more specifically interest rate swap which has been evaluated by the respective financial institution as a liability of 377 th. €, as at 31.12.2009 (Evaluation Reserve of derivative: 287 th €, deferred tax asset: 91 th. €) the surcharge for the period 01.01.2009 - 31.12.2009 came up to 74 th. €, which is presented in the Statements of Total Comprehensive Income, as well as in the Statement of Changes in Equity.
8. Intercompany transactions for the period ended 31 December 2009 and intercompany balances as of 31 December 2009 according to IAS 24 are as follows:
THE PRESIDENT OF THE B.O.D.
Magoula, 26/01/2010
& MANAGING DIRECTOR THE VICE PRESIDENT OF THE B.O.D. THE FINANCIAL DIRECTOR
GEORGE K. GERARDOS KONSTANTINOS GERARDOS FILIPPOS A. KARAGOUNIS
9. The company Elnous S.A., in which the Company participates by 24%, decided its liquidation on 25.06.2008, after the approval of the General Assembly's Meeting. Associate's liquidation has been fulfilled, the final statements of liquidation have been published. The distribution of the product of liquidation has not yet been completed and the deletion of the company from the Registry has not been completed yet as well The specific associate is accounted for using the equity method. 10. There are no companies which have not been included in the consolidated financial statements, whereas they had been accounted for in the preceding period. In addition, all companies that should be accounted for, have been included in the consolidated financial statements, and except for the case mentioned in Note 9 above,
12. The residing in Sofia Bulgaria company Plaisio Computers JSC decided to increase its share capital by 4.231.371,95 Lev (2.165.100,00 euro, based on the current exchange rate). The increase was covered in cash and by issuing new shares. The above mentioned increase was covered fully by the parent company,
no changes have taken place regarding consolidation process in current period in comparison with the proceeding period. 11. The Company, as well as its subsidiary and associates do not own any shares for the period ending as of 31 December 2009.
Plaisio Computers S.A for the period ending 31 December 2009.
I.D. No. Ν 318959 I.D. No AE 632801 I.D. No: AH 583372
| Date | Subject | Internet Site | |
|---|---|---|---|
| Dividend payment | |||
| 19/5/2009 | Dividend payment 2008 | http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=announce&year=2 009⟨=gr |
|
| Announcement of financial results | |||
| 22/10/2009 | Financial Results 9Μ 2009 | http://corporate.plaisio.gr/CorporateInvestors.aspx? show=Financial_Statements |
|
| 30/7/2009 | Financial Results 6Μ 2009 | http://corporate.plaisio.gr/CorporateInvestors.aspx? show=Financial_Statements |
|
| 5/5/2009 | Financial Results 3Μ 2009 | http://corporate.plaisio.gr/CorporateInvestors.aspx? show=Financial_Statements |
|
| 30/1/2009 | Financial Results 12Μ 2008 | http://corporate.plaisio.gr/CorporateInvestors.aspx? show=Financial_Statements |
|
| Press Releases | |||
| http://corporate.plaisio.gr/CorporateInvestors.aspx? | |||
| 18/1/2010 | Plan for alteration of the Memorandum of the company | show=AnnouncementList&type=announce&year=2 010⟨=gr |
|
| 8/12/2009 | Collection of insurance reimbursement | http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=announce&year=2 009⟨=gr |
|
| 2/12/2009 | Cooperation of Plaisio Computers and Alpha Bank | http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=press&year=2009& lang=gr |
|
| 23/10/2009 | Tour of the Institutional Investors in Magoula Attica | http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=press&year=2009& lang=gr |
|
| 7/10/2009 | Announcement for taking part in in a public open competition |
http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=press&year=2009& lang=gr |
|
| 5/8/2009 | Issuing of Bond Loan for € 12.000.000,00 | http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=announce&year=2 009⟨=gr |
|
| 16/7/2009 | Presentation in Cyprus Securities | http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=press&year=2009& lang=gr |
|
| 7/7/2009 | Announcement concerning the fire in Aspropirgos Attica |
http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=press&year=2009& lang=gr |
|
| 23/6/2009 | Opening of the new logistics centre took place in Magoula Attica |
http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=press&year=2009& lang=gr |
|
| 10/6/2009 | End of market making | http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=press&year=2009& |
|
| lang=gr http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=announce&year=2 |
|||
| 15/5/2009 | Alteration of the Memorandum of the company | 010⟨=gr http://corporate.plaisio.gr/CorporateInvestors.aspx? |
|
| 12/5/2009 | Constitution of the Board of Directors in Body | show=AnnouncementList&type=press&year=2009& lang=gr |
|
| 23/4/2009 | Change of the Board of Directors | http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=press&year=2009& lang=gr |
|
| 11/2/2009 | Presentation to the Institutional Investors concerning the annual results |
http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=press&year=2009& lang=gr |
|
| 10/2/2009 | Enrichment of Financial Reports | http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=press&year=2009& lang=gr |
|
| 19/1/2009 | Capital increase of Plaisio Computers JSC | http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=press&year=2009& lang=gr |
|
| Informatory Notes and Informatory Printed Matter | |||
| http://corporate.plaisio.gr/CorporateInvestors.aspx? | |||
| 3/4/2009 | Altaration of financial calendar 2009 | show=AnnouncementList&type=press&year=2009& lang=gr http://corporate.plaisio.gr/CorporateInvestors.aspx? |
|
| 9/1/2009 | Financial Calendar 2009 | show=AnnouncementList&type=press&year=2009& lang=gr |
|
| Convention & Decisions of the General Shareholders Meeting | |||
| http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=announce&year=2 |
|||
| 20/1/2010 16/12/2009 |
Decisions of the General Shareholder Meeting Invitation to Extraordinary General Sharehoder Meeting |
010⟨=gr http://corporate.plaisio.gr/CorporateInvestors.aspx? |
| Date | Subject | Internet Site |
|---|---|---|
| show=AnnouncementList&type=announce&year=2 | ||
| Decisions of the Extraordinary General Shareholder | 009⟨=gr http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=press&year=2009& |
|
| 19/5/2009 | Meeting | lang=gr http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=press&year=2009& |
| 24/4/2009 | Invitation to General Sharehoder Meeting | lang=gr |
| Commenting on Financial Results | ||
| http://corporate.plaisio.gr/CorporateInvestors.aspx? | ||
| 21/10/2009 | Comments on the Financial Results 9Μ 2009 | show=AnnouncementList&type=press&year=2009& lang=gr http://corporate.plaisio.gr/CorporateInvestors.aspx? |
| 29/7/2009 | Comments on the Financial Results 6Μ 2009 | show=AnnouncementList&type=press&year=2009& lang=gr http://corporate.plaisio.gr/CorporateInvestors.aspx? |
| 4/5/2009 | Comments on the Financial Results 3Μ 2009 | show=AnnouncementList&type=press&year=2009& lang=gr |
| http://corporate.plaisio.gr/CorporateInvestors.aspx? show=AnnouncementList&type=press&year=2009& |
||
| 28/1/2009 | Comments on the Financial Results 12Μ 2008 | lang=gr |
| Announcement of transactions of liable persons | ||
| http://www.ase.gr/content/gr/Companies/ListedCo/t rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% |
||
| 18/12/2009 | Announcement of transactions of liable persons | D3%C9%CF&aDate1=&aDate2=&submit1=%C1% ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% |
||
| 16/12/2009 | Announcement of transactions of liable persons | D3%C9%CF&aDate1=&aDate2=&submit1=%C1% ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% D3%C9%CF&aDate1=&aDate2=&submit1=%C1% |
||
| 15/12/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% D3%C9%CF&aDate1=&aDate2=&submit1=%C1% |
||
| 14/12/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% D3%C9%CF&aDate1=&aDate2=&submit1=%C1% |
||
| 11/12/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% D3%C9%CF&aDate1=&aDate2=&submit1=%C1% |
||
| 10/12/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% D3%C9%CF&aDate1=&aDate2=&submit1=%C1% |
||
| 26/11/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% D3%C9%CF&aDate1=&aDate2=&submit1=%C1% |
||
| 22/6/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% D3%C9%CF&aDate1=&aDate2=&submit1=%C1% |
||
| 13/3/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% D3%C9%CF&aDate1=&aDate2=&submit1=%C1% |
||
| 11/3/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% D3%C9%CF&aDate1=&aDate2=&submit1=%C1% |
||
| 11/3/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% D3%C9%CF&aDate1=&aDate2=&submit1=%C1% |
||
| 10/3/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% D3%C9%CF&aDate1=&aDate2=&submit1=%C1% |
||
| 6/3/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% | ||
| 3/3/2009 | Announcement of transactions of liable persons | D3%C9%CF&aDate1=&aDate2=&submit1=%C1% ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% | ||
| 27/2/2009 | Announcement of transactions of liable persons | D3%C9%CF&aDate1=&aDate2=&submit1=%C1% ED%E1%E6%DE%F4%E7%F3%E7 |
| Date | Subject | Internet Site |
|---|---|---|
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% | ||
| D3%C9%CF&aDate1=&aDate2=&submit1=%C1% | ||
| 9/2/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% | ||
| D3%C9%CF&aDate1=&aDate2=&submit1=%C1% | ||
| 4/2/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% | ||
| D3%C9%CF&aDate1=&aDate2=&submit1=%C1% | ||
| 2/2/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% | ||
| D3%C9%CF&aDate1=&aDate2=&submit1=%C1% | ||
| 30/1/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% | ||
| D3%C9%CF&aDate1=&aDate2=&submit1=%C1% | ||
| 28/1/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% | ||
| D3%C9%CF&aDate1=&aDate2=&submit1=%C1% | ||
| 27/1/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% | ||
| D3%C9%CF&aDate1=&aDate2=&submit1=%C1% | ||
| 13/1/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
| http://www.ase.gr/content/gr/Companies/ListedCo/t | ||
| rakn/trakn_results.asp?ctxt=%D0%CB%C1%C9% | ||
| D3%C9%CF&aDate1=&aDate2=&submit1=%C1% | ||
| 9/1/2009 | Announcement of transactions of liable persons | ED%E1%E6%DE%F4%E7%F3%E7 |
All of the above mentioned information is also available at www.ase.gr
The annual financial statements of the Group and of the Company as well as the financial statements of the companies that are consolidated, the auditor's report and the report of the Board of Directors for the year ending December 31st 2009have been announced on the site of the company www.plaisio.gr.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.